Safe-Guard Gap Insurance — Not paying on claim
I bought GAP insurance from this company and they are refusing to pay out on my claim. They dragged my claim out for over 1 month before they told me how they were going to calculate what they were responsible for and then stated that they owed nothing. It was my understanding that when you buy GAP protection that they pay out the difference on a vehicle loan after my non-gap insurance coverage pays out. They never said it was based on the value of the vehicle itself. And if it were based on that then GAP insurance would immediately be obsolete. I understand that they may not pay out any interest that may have built up when I used the skip a payment option offered by my lender however I feel that since my non-gap insurance did not cover the total balance of the loan then the GAP insurance I purchased should be responsible for the remainder as promised or they should refund the $600 I spent on the insurance.