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GAP Insurance  Frequently Asked Questions

Soldier and pickup truck

Does GAP replace my comprehensive and collision coverage?

No, GAP is not a substitute for collision or property damage insurance.

I am refinancing my installment contract. Can I purchase GAP at that time?

Possibly, you should review the GAP contract for Terms and Conditions.

I have GAP and am going to refinance my loan. Does the GAP transfer to the new loan?

No, GAP is non-transferable to a new loan.

I am refinancing my loan at another financial institution. Can the GAP transfer to my new loan?

No, GAP is non-transferable to a new loan.

Can GAP be transferred to a differnt vehicle?

In most cases, it cannot be transferred to a different vehicle, except in certain circumstances. Contact the dealer.

My car has been totaled. Should I continue to make payments on my loan?

Yes, continue to make your loan payments and notify your insurance representative of the loss immediately. The GAP will pay from the date of loss though.

If I cancel my GAP insurance, will I get a refund?

It is always in your best interest to take the time to read the contract and see what provisions are included for cancellation and subsequent refund. Each contract and state is different.

Does GAP insurance have a deductible?


How is my deductible covered by GAP

The primary insurance deductible might be covered as part of your unpaid loan balance; it is not "reimbursed". GAP covers the difference between the actual cash value (ACV) of your vehicle and the outstanding loan balance. Since your insurance company pays ACV less the amount of your deductible, the "gap" is increased by this amount. When your loan balance is paid off by GAP, the deductible is paid as part of that balance up to $1000. However, coverage varies because of state regulations. You should read your contract for the specific details.

Can I purchase my salvage (totaled vehicle) back from my insurance company?

If you purchase your salvage from your insurance company, they will deduct this amount from what they pay. The amount of this deduction will not be covered by GAP.

Can I buy GAP on a salvage/reconstructed titled vehicle?

No. Salvage or reconstructed title vehicles are not eligible for GAP.

Does GAP cover towing and storage expenses?

No, it does not cover towing and storage expenses.

If I am past due on my loan, how does this affect the GAP settlement?

GAP will cover past due payments up to 30 days. If you are past due more than that, the past due payments will be deducted from the GAP settlement. This includes skipped payments as part of a lender skip a pay program. GAP does not cover any late charges.

Is there a deadline to file a GAP claim?

Possibly, you should review the GAP contract for Terms and Conditions.

How do I receive payment for the GAP claim?

The GAP claim settlement is paid to the bank, finance company, or credit union that financed the purchase of your vehicle and applied to your loan.

I have a service contract on my vehicle: does this affect the GAP claim?

GAP does not cover the refundable portion of any service contract or full term credit life insurance, since you can obtain this reimbursement back by canceling the policies with the appropriate companies.

* Note that not every benefit listed is available in every state. Please see your agreement for a complete description of the applicable exclusions and benefit terms and conditions