GAP (Guaranteed Asset Protection) covers the difference between the balance remaining on the original loan and the actual Cash Value (ACV) of the vehicle (based on the date of loss). However, coverage is contract specific and might be subject to certain limitations and exclusions (which are available on the back of your original GAP contract). GAP does not cover any interest or late fees that accrue on the balance after the date of loss.
The evaluation report shows how your insurance company determined the value of your vehicle. This is needed to properly determine the GAP benefit amount. The settlement breakdown will show how your insurance company arrive at the settlement check amount which is needed to confirm the exact amount he insurance company paid.
We can provide written confirmation that you have GAP coverage and that you currently have a claim on file. Unfortunately, we cannot give specifics regarding the amount of the claim payment until the claim has officially been processed and a payment amount has been approved. Please have your dealer refer to your contract regarding the specifics of your coverage.
Once your claim has been opened, it will be assigned to a specific Adjuster who will be responsible for adjuticating your claim. If you need assistance, or have any questions, please call us at 1-844-756-8556 and anyone can assist you. For your convenience, you can also check your claim status online at www.sgclaims.com.
All of your claim documentation is required because it's essential in determining your GAP benefits. To obtain these documents you need to contact three sources; your Insurance Company, your Lienholder, and your dealership. In the event your insurance company does not have a copy of your police report you will have to contact the police department directly.
We are open from 8:30am to 8:00pm Eastern Standard Time (EST), Monday-Friday. For your convenience, you can also check your claim status 24hrs a day 7 days a week online at www.sgclaims.com. All you need is your claim number OR the last 7 digits of your vehicle identification number (VIN), and your zip code.
Normally, your fax is received within a few minutes of you sending it. However, due to the volume we ask that you allow us up to 48 hours from the time you send it for us to review it. From that point, we will update your claim and route notification of that fax to your handling Adjuster.
Your GAP claim calculation is based on the balance owed at the date of loss. If you choose to pay your loan off, we can send the GAP benefit directly to you upon receipt of written authorization from your Lienholder allowing us to send payment to you.
GAP pays the difference between the Unpaid Net Balance owed at the date of loss and the value of the vehicle at the date of loss. Unfortunately, GAP is unable to assist with any taxes or tag fees that may be owed.
Please refer to your contract for the specific time filing requirement. We do recommend filing the claim within 60 days of the loss. The latest that most of our carriers will accept a claim is 90 days from the loss. After this date, there is no guarantee of coverage. To get started, please send in at least one required claim document. As you receive additional documents, please fax them in accordingly.
Depending on the back of your contract, there are specific exclusions that would cause for GAP not to cover. A "Police Report" will help us determine if any activities occurred on the date of the actual accident which may or may not be considered as a specific exclusion.
The length of time it takes to complete the GAP process depends a lot on how quickly we receive all of your required claim documents. It is beneficial for you to get in all the paperwork as quickly as possible. Once a file is complete, Safe-Guard will calculate your GAP claim benefits, and a notification of resolution, via the United States Postal Service (USPS), will be sent to the lender and a copy will be sent to your residence.
We recommend that all our customers maintain their monthly payments until a settlement with GAP has been reached. Unless other arrangements have been made with your Lender, you will be held responsible for these payments. Further, GAP does not cover any interest or late fees after the date of loss. To keep your credit in good standing, it is highly recommended that you keep your payments current. Our settlement is based on your outstanding balance at time of loss. If you continue to make your payments, there is a possibility that our settlement will create overage on your account. Your Lender will refund any remaining overage on your account directly to you once our payment has been applied. If you choose to pay off your loan before we make a settlement, we can send the settlement directly to you as long as you provide a "paid in full" letter from your Lender giving us specific permission to release the payment to you.
Ultimately, we do hold the customer responsible for filing the claim. If another party has offered to assist you, please make sure you follow up to verify that we have received all the appropriate documents. However, if you encounter any difficulty in obtaining any specific document, we are more than happy to assist you. We are here to help you every step of the way!
The status online automatically changes to 'paid' once the claim has been processed and submitted to the Underwriter for payment. The specific amount will not be available until the check has actually issued.
A copy of the payment letter that accompanies your check to the Lender will be mailed to you. You may also check the status by visiting our website.
Although your contract refers to a deductible reimbursement, it is not a reimbursement paid directly to you but is inclusive of the portion that we pay to the Lender to go towards your outstanding loan balance. In other words, if your insurance company deducted $500.00 from the settlement, this leaves $500.00 more outstanding on your balance. GAP picks this up as part of the entire settlement.
Ultimately, we do hold the customer responsible for filing the claim. However, because GAP is a warranty product, unfortunately as a result of privacy laws, we do not have permission to obtain personal information with your Primary Insurance, Lender etc. However, if you encounter any difficulties in obtaining your claim documents, we would be glad to assist you in coordinating a conference call.
We will run a NADA report to determine the value of the vehicle at the date of loss.
In the event your insurance company misses options that were included in your vehicle at the time of purchase, you simply need to call them and advise of the missed options that were deducted from you GAP claim and they will reimburse that directly to your lender.
We must have either an insurance denial letter or a statement from an insurance company that shows that you did not have insurance coverage or did not carry full coverage insurance on the totaled vehicle. If the primary insurance carrier has denied the claim due to possible fraudulent acts by the customer, then we do the same as per the terms of the GAP contract. The vehicle must then be determined a "Total Loss". This must be done by obtaining an appraisal report for the vehicle, from a licensed appraiser. The appraiser must include any options and mileage on the vehicle, if available, and state it to be a "Total Loss". Either a police report or a tow bill MUST BE PROVIDED for all claims in which an insurance carrier is not taking place, in order to substantiate the specific date and cause of the loss.
Two Concourse Parkway, Suite 500, Atlanta, GA 30328