Gap insurance paperwork. Gap and my insurance company and everybody blames everyone else for not receiving paperwork in a timely manner but they all agree on one thing. Call your car dealer ask for the insurance department and have a representative check to see if you accepted the gap insurance offered when you leased the vehicle. A copy of the finance contract loan or lease agreement along with a copy of the dealer purchase order buyers order. Check with your insurer to find out if it is offeredyou must also have collision and comprehensive coverage on the.
By combining the gap plan with certain major medical plans employers can deliver coverage their employees want and can afford helping to attract and retain talent particularly important with todays rising. You need to provide a copy of an odometer disclosure statement which you can get from an auto dealership. In some cases when you are insuring a new car you can get gap coverage as an add on endorsement to your standard policy. A copy of the gap certificate contract gap waiver addendum.
When it comes to getting a refund different insurers have different timelines and guidelines for cancelling gap insurancefor example your insurer may have a full or nothing refund policy in which you can get a full refund if you cancel within 60 days but the policy becomes nonrefundable if you. If the market value of your car at the time of total loss is 14000 and you accept an offer of 10000 then it is unreasonable to expect your gap car insurance provider to pay the difference between the full amount that you paid on the invoice and the below market value offer that you have accepted from your comprehensive insurance provider without consulting the administrator. Our gap plan is an employer sponsored group supplemental insurance plan designed to help reduce the cost of group medical coverage. Gap insurance can certainly be a useful thing but as with any financial product there are dangers to check for when you purchase.
You need a copy of your auto loan payoff showing the date you paid off the vehicle and the gap coverage cancellation forms. Swanson odell explained the basics of gap insurance here. If youre unsure as to whether or not you signed up for gap coverage pull all of your car lease documents and look through them to see if there is a provision regarding gap insurance. I recently wrote about gap insurance so if you are unfamiliar with what gap is i recommend reading that article first.
Claims process workflow required documentation insured gives provider their major medical id card and the gap plan id card at the time of service. Contact your gap insurance provider to obtain the necessary forms to cancel your gap insurance. If you find yourself in a position where you need to file a gap claim financed vehicle is underwater and totaled you need to keep up with paperwork or be prepared to chase it down.