I am writing in regards to my GAP Protection that I purchased along with my car at Carmax in Harbison, SC on August 15, 2014. My total finance payment was $12, 585.00 and the car total was around $10, 900.00. Now I know that GAP is supposed to also consider the negative assets also as well as the good ones. I paid my car payments practically on time more so than late. I am entitled to some assistance of the rest of the total owed on my car which is $2, 000.00. We put down $2, 000.00 on this car. At least give us what we put down on it or something back towards the payoff of this car. I’ve had this car since August 2009 and you mean to tell me that I can’t get any assistance from GAP Protection? That’s the reason why I purchased it because of something like this happening. That’s the reason why people get GAP it’s added on in with the payment for the car monthly and I paid it. The accident happened March 1, 2014 that totaled my car near an unfamiliar intersection I knew anything about; it was dangerous, had a blind spot and needed a light. My air bags went off, the gas tank popped open, the parts under the car came off and etc. Yes, I did get the ticket failure to yield right of way, which I did stop at the light but I waited a little while before I actually pulled out and creeped across the road and didn’t see the oncoming car until the very final moment. I am doing a lot of research about GAP Protection and what it is supposed to take care of. (Your gap car insurance will pretty much cover most any total loss that your regular car insurance company did not cover, what will gap insurance not cover.) The day I filed my claim at Safeguard no one ever called me, ever tried to contact me ever. I had to keep calling Santander about the status of GAP Protection, my claims adjuster for Farm Bureau and so forth. They really seem like they are not interested in helping you but yet, you purchase their product hoping to get assistance whenever needed. I really don’t think this is right and something needs to be done about this. I am really stressed out and now beginning to have pains and aches due to stress over this situation. I hope something can be done because I need assistance, I don’t have $2, 000.00 to pay for a car I no longer have. GAP is supposed to cover the total loss amount that the primary insurance company does not cover.
Car insurance exclusions:
Common Gap Car Insurance Exclusions:
1. Cars that Are Not Covered by Both Comprehensive and Collision Insurance
2. Any Equipment On the Car that Was Not Factory Installed
3. Money that Was "Rolled" Into the Car Loan Such as From a Trade-in or Leased Vehicle
4.Costs for Any Other Products Added to The Loan or Lease Such as Extended Warranties
5. Unpaid or Overdue Lease or Loan Payments
6. Financial Penalties or Security Deposits on Leased Vehicles
• As I’m researching I don’t see that I’m supposed to be turned down so cold heartedly like I am being. I had Comprehensive and Collision coverage on my car, full coverage and I can’t get help? I am researching I have other people helping me research to see what all GAP Protection Insurance is supposed to be doing for me. I’m reading things on the internet that Safeguard GAP is a Scam, I’m reading a lot of bad reviews about GAP not paying people’s claims off. I don’t want to be in that number, I want to have something good to say in spite of all this negativity going on about this Safeguard GAP Insurance. Please forward my email to the Corporate office as well please. All I want is my $2, 000.00 paid off in full on my GAP insurance claim. Thanks for your time. What Is Gap Insurance?
Gap insurance, or “GAP insurance, ” stands for “Guaranteed Auto Protection”. This insurance protects you from paying out what can be a significant difference between:
o The amount you owe on your car loan.
o The car’s current estimated value.
It is common for a driver to assume that in the event his car is stolen or totaled, his collision and comprehensive insurance will cover all the costs.
• Several months later, you get into an accident and your car is totaled. What happens?
o You currently owe $27, 000 on your car loan.
o Your insurer estimates the car’s fair market value at $21, 000 and pays you as such through your collision coverage benefits.
o You are left with a $6, 000 difference between the amount you owe your lien holder and the amount your insurance carrier pays. Gap insurance eliminates this deficit, saving you from this potential financial hole