Guaranteed Asset Protection

GAP (Guaranteed Asset Protection) covers the difference between the balance remaining on the original loan and the actual Cash Value (ACV) of the vehicle (based on the date of loss). However, coverage is contract specific and might be subject to certain limitations and exclusions (which are available on the back of your original GAP contract). GAP does not cover any interest or late fees that accrue on the balance after the date of loss.

The evaluation report shows how your insurance company determined the value of your vehicle. This is needed to properly calculate the GAP benefit amount. The settlement breakdown will show how your insurance company arrived at the settlement check amount which is needed to confirm the exact amount the insurance company paid.

All your claim documentation is required because it is essential in determining your GAP benefits. To obtain these documents you need to contact three sources: your Insurance Company, your Lienholder, and your dealership. In the event your insurance company does not have a copy of your police report you will have to contact the police department directly.

We are open from 8:30am to 8:00pm Eastern Standard Time (EST), Monday-Friday. For your convenience, you can also check your claim status 24hrs a day 7 days a week online at http://www.sgclaims.com. All you need is your claim number OR the last 7 digits of your vehicle identification number (VIN), and your zip code.

GAP pays the difference between the Unpaid Net Balance owed at the date of loss and the value of the vehicle at the date of loss. Unfortunately, GAP is unable to assist with any taxes or tag fees that may be owed.

Depending on the terms and conditions of your GAP agreement, there are specific exclusions apply. If a police report was not filed, please provide a letter from your insurance company which provides the details of the loss and a statement confirming no police report was filed.

We recommend that all our customers maintain their monthly payments until your claim has been completed. To keep your credit in good standing, it is highly recommended that you keep your payments current. Our settlement is based on your outstanding balance at time of loss. If you continue to make your payments, there is a possibility that our settlement will create overage on your account. Your Lender will refund any remaining overage on your account directly to you once our payment has been applied. If you choose to pay off your loan before we make a settlement, we can send the settlement directly to you if you provide a “paid in full” letter from your Lender.

Ultimately, the customer is responsible for filing the claim. If another party has offered to assist you, please make sure you follow up to verify that we have received all the appropriate documents.

The status online automatically changes to ‘paid’ once the claim has been processed and submitted for payment. The specific amount will not be available until the check has been issued.

A copy of the payment letter that accompanies your check to the Lender will be mailed to you. You may also check the status by visiting our website.

Although your contract refers to a deductible reimbursement, it is not a reimbursement paid directly to you but is inclusive of the portion that we pay to the Lender to go towards your outstanding loan balance. In other words, if your insurance company deducted $500.00 from the settlement, this leaves $500.00 more outstanding on your balance. GAP picks this up as part of the entire settlement.

We will run a JD Power report to determine the value of the vehicle at the date of loss.

In the event your insurance company misses options that were included in your vehicle at the time of purchase, you simply need to call them and advise them of the missed options that were deducted from your GAP claim and they will reimburse that directly to your lender. To have your claim reviewed again, please provide a copy of the updated evaluation report showing the previously missed options and proof of any additional payment made for consideration.

We must have either an insurance denial letter or a statement from an insurance company that shows that you did not have insurance coverage or did not carry full coverage on the totaled vehicle. If the primary insurance carrier has denied the claim due to possible fraudulent acts by the customer, then we do the same as per the terms of the GAP contract. The vehicle must then be determined as a “Total Loss”. This must be done by obtaining an appraisal report for the vehicle, from a licensed appraiser. The appraiser must include any options and mileage on the vehicle, if available, and state it to be a “Total Loss”.

File a Claim

We know your time is valuable, which is why our support teams facilitate a seamless claims process and provide expert guidance to help you confidently navigate the claims journey.