Frequently Asked Questions
What is GAP?
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.
Why do you need an insurance settlement breakdown and Evaluation?
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.
I'm trying to get a new loan. Can you send a letter to my dealer to confirm that my old loan will be taken care of?
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.
Why do I have to submit so many documents?
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.
What are your hours of operation?
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.
If I pay off my loan now can the GAP settlement be sent directly to me?
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 a paid in full letter from your lienholder.
Taxes were deducted from the settlement amount. Who is responsible for the remaining balance?
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.
Why is the Police Report necessary?
Depending on the terms and conditions of your GAP agreement, there are specific exclusions apply. If a police report was not filed, please provide a letter from your insurance company which provides the details of the loss and a statement confirming no police report was filed.
How long does the process take?
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 you.
Do I have to continue making my car payments? If so, how does this affect my settlement?
We recommend that all our customers maintain their monthly payments until your claim has been completed. 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 if you provide a "paid in full" letter from your Lender.
Am I responsible for getting all of my claim documents to you? My Lender (or dealer or insurance company) told me they would handle it.
Ultimately, 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.
I checked my claim online. It's showing in 'paid' status, but there is no dollar amount listed?
The status online automatically changes to 'paid' once the claim has been processed and submitted for payment. The specific amount will not be available until the check has been issued.
Will I be notified once my GAP claim has been paid?
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.
Am I going to be reimbursed for my deductible?
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.
Why can't Safe-Guard obtain all of my claim documents on my behalf?
Ultimately, the customer is responsible for filing the claim. However, because GAP is a warranty product, and because 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.
If I don't have Primary Insurance, how will you determine the value of my vehicle?
We will run a JD Power report to determine the value of the vehicle at the date of loss.
My insurance company has missed options on my vehicle that I had. What do I do from here to get reimbursed for those missed options?
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. To have your claim reviewed again, please provide a copy of the updated evaluation report showing the previously missed options and proof of any additional payment made for consideration.
I don't have Insurance, or my insurance claim was denied, how will my claim be handled?
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 as 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".