Will I get a check from Gap?

Asked by: Mr. Fred Botsford  |  Last update: May 12, 2025
Score: 4.1/5 (46 votes)

You may be entitled to a gap insurance refund if you cancel the policy early and have paid in advance. You will not get a refund if you have filed a claim against the policy. The refund will be a pro-rated amount based on what you paid in advance and how much time is left on the policy.

Will gap insurance send me a check?

If it seems unclear, reiterate to your provider that you want a refund for the unused GAP insurance coverage. Most insurance provider refunds are sent to you in the form of a check within four to six weeks of your cancellation request.

Do you get any money back from gap insurance?

It depends on how you paid off your policy: Lump Sum Payment: If you paid off the gap insurance policy in advance, you are entitled to a refund on the unused portion. Monthly Payments: If you pay your premiums monthly, you are not entitled to a refund on past months of coverage.

How long does it take to get a check from Gap?

Gap insurance takes 5-45 days to pay the policyholder after a claim is filed. For drivers to receive a gap insurance payout, the car first needs to be declared a total loss, and the insurance company needs to accept the claim.

How much money does Gap give you?

When your loan amount is more than your vehicle is worth, gap insurance coverage pays the difference. For example, if you owe $25,000 on your loan and your car is only worth $20,000, your gap coverage covers the $5,000 gap, minus your deductible.

How to Get a Check After Paying Your Car off Early

22 related questions found

What happens if your car gets stolen and you have full coverage state farm?

If you have collision or comprehensive coverage, your auto insurance policy may cover a totaled or stolen car. In the case of a covered loss, you will typically be paid the actual cash value of your car minus your deductible.

Does gap insurance give you money for a down payment?

Gap insurance will only cover what is left on your loan after an insurance company pays out. In other words, no, it won't cover the down payment you made initially because it wasn't part of the loan amount.

Why would gap insurance not pay full amount?

GAP does not pay out if the insurance company deems your vehicle a total loss and you do not carry comprehensive and collision coverage. GAP does not include costs beyond the difference between your loan balance and the car's value. This means it does not cover missed loan payments or extra rental car costs.

How do I check my gap claim?

Please contact Protective at 800-432-4566 between the hours of 8AM – 6PM Central Time to inquire on the status of your claim. Please have your GAP addendum/policy number or your claim number ready when you call.

Why would a gap claim be denied?

If the gap insurance company discovers there was any fraud or misrepresentation (you lied) on your application for coverage, your claim could be denied. The vehicle isn't a total loss. Only total loss claims are covered by a gap policy. The claim exceeds the policy limits.

Does Gap do full refunds?

If you are looking to get a refund from returning your items to GAP, make sure they are in their original condition: unwashed and unworn. Items not in this condition will not be accepted and you will not be refunded. Items which are damaged can be returned at any time.

How long does it take for gap insurance to pay off your car?

You can expect your gap claim to pay out within a few weeks in most cases, 30-45 days being standard. “Gap insurance payout varies depending on the Insurance company, the circumstances of the claims, and the policy terms,” says Lauren Mckenzie, senior agent at A Plus Insurance.

Does Gap give cash back?

You can redeem $25 in GapCash for every $50 you spend at Gap and Gap Factory during the specified redemption period. Maximum redeem per transaction is $125 in GapCash. If you earned $50 in GapCash for example, you do not have to spend $100 to redeem.

How much is a gap refund usually?

The amount you get back after canceling your gap insurance policy depends on how you paid for the policy. If you paid for your gap insurance upfront, you will get back any unused premium. However, your refund will be much smaller, or there may be no refund at all if you pay for your gap insurance monthly.

How does gap insurance pay out?

Gap Insurance Claim: If there is a remaining balance on your loan that the primary payout does not cover, you file a claim with your gap insurer. Loan Settlement: The gap insurance pays the remaining amount owed on the loan directly to your lender.

When a car is totaled, who gets the check?

If you own the car without any loans or liens, you will receive a check for the value assessed by the insurance company. If there is a loan, the check usually goes first to the leasing company or the lender. If you owe money on the vehicle, you should notify the lending company that your car has been totaled.

What does Gap not cover?

Gap insurance covers your vehicle but will not cover other vehicles, property damage, or bodily injury.

How do I claim from Gap?

Gap Cover Claims
  1. Step 1 – Identify your type of claim. There are many different benefits that you can claim for under your Gap Cover policy. ...
  2. Step 2 – Complete the claim form. Please click here to download an editable version of the claim form. ...
  3. Step 3 – Obtain the supporting documents required. ...
  4. Step 4 – Submit your claim.

How do I check the status of my gap order?

Track Your Order

You can either sign into your account to see your recent order history, or you can look up a single order by entering the order number and your email address. For each order, you can see order details and shipment summary.

How do I know if I paid gap insurance?

In some cases, GAP insurance is required if you lease a vehicle, in which case it should be outlined in your lease agreement. If you're asking, “How do I know if I have GAP insurance?”, the best option is to check with your insurer or the dealership you purchased/leased your vehicle from.

What is the most gap insurance will pay?

The most gap insurance will pay is the full amount left on your loan or lease after your insurer pays your vehicle's actual cash value for a covered collision or comprehensive insurance claim. The exact amount gap insurance will pay depends on the balance of your loan or lease and the value of your car.

How to get gap insurance refund from dealership?

Some dealers include a cancellation period of 30 days, during which you can cancel your gap insurance and receive a full refund. Review the terms of your agreement and contact your dealer for specifics about cancelling your coverage. Dealers may require you to fill out a gap insurance cancellation form.

How does gap payment work?

Gap coverage covers the difference between what you owe on your auto loan and the payout you receive from your insurer if your vehicle is stolen or rendered a total loss. While it does fill in a financial gap, that is not where this coverage gets its name — it actually stands for “guaranteed asset protection.”

What to do when your car is totaled and you still owe money?

If your car is totaled and you still owe on it, but the accident was not your fault, contact the at-fault driver's insurance company with your lender information. To maintain your good credit, you should continue to make your loan or lease payments until the insurance company issues payment to your lender.

Will gap insurance pay if you are behind on payments?

Gap insurance doesn't cover missed or late payment fees, repossessions, extended warranty costs or car repairs…just loan balances.