I was in an accident and owe more money on my vehicle than the insurance company says it’s worth? What is a gap claim?
If you have been involved in a car accident and your vehicle sustained enough damage to declare it a total loss, you might be researching gap insurance coverage or digging through your vehicle purchase documents to find out if you purchased gap insurance at the time you purchased your vehicle.
If the value of your vehicle is less than your loan amount, you are “upside down” on your vehicle. This “upside down” amount is the “gap” that is covered by gap insurance.
The process of making a gap claim and having that gap claim paid is a bit cumbersome, but Altman Law Offices has successfully resolved many clients with these claims.
Below are the general steps for filing a GAP claim.
- First, find out if you have gap coverage and the contact information for the gap provider. (Gap insurance is not required and you may not have purchased this coverage)
- Next, call the GAP provider and inform them of the total loss and open a claim.
Finally, gather the following documents as they will all be required to process the claim:
- Original purchase contract from the seller
- Copy of the gap policy contract
- Payment history ledger from the lienholder
- Copy of the WSP Collision Report if one was created
- Letter from the insurance company showing liability was accepted
- Copy of the valuation report from insurance company documenting the value of the vehicle and total loss amount.
- Proof of cancellation of any other coverages such as extended warranty, premium radio, etc…
- Copy of the check to the lienholder from the insurance company paying the total loss.
- 10 day payoff amount from the lienholder
If you were in a car accident and need help with a gap claim, call our office or visit us at www.waaccidentlaw.com to find out more about how we can help-consultations are 100% free.