Classic FAQ

Classic FAQs

01. What is GAP?

GAP (Guaranteed Asset Protection) - In the event a vehicle is determined to be totaled in an accident or is stolen and not recovered, GAP is designed to help pay the difference between the insurance settlement or ACV (Actual Cash Value) and the loan balance as of the date of loss. The GAP beneift may not cover the entire outstanding balance and may be subject to any limitations or exclusions listed on the GAP waiver. GAP does not cover any late fees or unearned interest.

02. How can I cancel my GAP waiver and check the cancellation status?

Communications regarding requests to cancel are done through the dealership where you purchased your vehicle, they will request the cancellation for you. If they are out of business, you can contact our office for assistance at 800-930-4633.

03. How do I start a GAP claim?

The most efficient way to start a GAP claim is to go to the Classic Claims Portal. You can start your claim by using either: the contract number and last name OR the last name and last 6 digits of the VIN (vehicle identification number). The Claims portal will allow you to: start a claim by completing a short claim questionnaire, upload your documents 24 hours a day, and sign up for claims notifications on the contract detail screen. This will generate an email and/or text message advising you of activity on the claim.

You may also go to our website at and click on claims procedures from the customer drop down menu. The first paragraph on this page contains the "claims procedures" document which can be downloaded and printed or saved. The information in "claims procedures" will walk you through the claims process.

04. How will by GAP claim get Paid?

GAP benefits are sent to the lienholder unless the loan has been paid in full after the date of loss.

05. How long do I have to file a GAP claim?

You have 90 days from the insurance settlement check date to get all your documents to us (the administrator). A benefit request may be denied if this documentation is not provided to us (the administrator), within that stated time period. You should upload your documents to the Classic Claims Portal as you receive them. You should initiate a claim as soon at the vehicle had been determined to be a total loss and submit documents as you receive them. If you have a problem obtaining a specific document please contact us, we may be able to provide guidance.

06. What happens after I start a GAP claim and who sends the required documentation?

When you open a claim you will be emailed a Claims packet with instructions on what documents are required by us (the administrator), to settle your claim. The documents come from 3 sources: your dealership, your lender and your insurance company. *If your insurance company does not have your police report, you will need to obtain a copy. Due to privacy laws we cannot obtain these documents for you. You or the co-buyer (if applicable) are the only ones allowed to request or receive these documents. It is your responsibility to collect the the required documentation and your responsibility to follow up to ensure the documentation was received.

07. How long does the process take and how will I be notified once it is complete?

Claims are processed in the order in which they are received. The quicker you provide us (the administrator), the necessary documentation, the quicker your claim can be process. Claim payments are processed twice a week and are sent to the lender via USPS. We need all documentation listed in "claims procedures" in order to process the claim and the documentation must be received within 90 days of the insurance settlement date as described above. Customers who use the Classic Claims Portal will receive an e-mail and/or text notification once the claim status is changed to complete. A settlement breakdown will be sent to your email or the address on on file, once the claims process is complete. A breakdown will be provided to your lender, upon request.

08. How will I know if something else is needed for my GAP claim and what if I have questions?

If you use our Classic Claims Portal, you can sign up for claims notifications so that emails and/or texts will be generated advising of any activity on the claim such as documents received, when the claim is pending review and when it has been paid. If you do not sign up for claims notifications, but have an email address on file, you will receive notifications each time your claim documentation is updated. If you do not have an active email account, then you will receive letters every 30 days informing you of what documents are still missing. You can refer back to this FAQ to help answer questions or you may contact our claims call center at 800-930-4633 to speak with any of our claims processors who can give you an update.

09. What if I can’t find my GAP Waiver in the system?

You can use the contract number and last name OR last 6 of the VIN and last name to look up your contract. There may be times that the contract has yet to be received by our office. Also, occasionally the customer name is spelled incorrectly or some letters or numbers of the VIN have been transposed. If you cannot find your contract please call our Claims Department at 800-930-4633, Option 1, to verify we have the correct information and we will assist you with the Claims Portal.

10. Why does it take several days for my documents emailed, faxed or uploaded to show up on your portal?

Each time the claims department receives documents, they must review each one to ensure they are legible and complete copies. With so many documents coming in each day via various means, this process can be time consuming. If you are signed up for the Classic Claims Portal you will receive a notification email/text once any updates are completed.

11. Should I keep making my monthly loan or lease payments?

Yes. You should contact your lender once a loss has occurred, but you should continue making any scheduled payments in order to keep your credit in good standing. Your outstanding balance is based on the date of loss and GAP does not cover any late fees or interest accrued after the date of loss. Any settlement sent to a lender will be applied to your outstanding balance and any overage should be reimbursed to you by the lender.

12. Am I going to be reimbursed for my deductible?

The deductible (up to $1,000) is covered as part of the settlement that is paid to the lender to go towards your outstanding balance. It is not excluded, but it is also not an item ‘reimbursed’ to the customer. For example, if your insurance company deducted $250 from the settlement you received for your deductible amount, GAP will pick this up as part of the settlement amount.

13. If I am trying to get a new loan can you send something to my dealer/lender about my gap coverage?

We can send a Claim-in-Progress letter that you have a claim on file. Due to privacy laws we cannot give out any specifics regarding whether or not a benefit is due or how much may be due until the claims process is complete and if a settlement amount has been approved.

14. What happens if I didn’t have insurance at the time of loss?

If you did not have insurance at the time of loss you will be required to supply an appraisal report from a licensed appraiser to determine whether the vehicle is deemed a total loss along with the police report to show that an incident took place.

15. How do you determine the value of the loss vehicle if i didn’t have insurance at the time of loss?

If your vehicle is not protected by a primary carrier; the retail or Actual Cash Value (ACV) of the vehicle will be determined by the date of loss, and the loss odometer and by using the value listed in the national or regional guide, such as JD Power National Automobile Dealer Association (NADA). Or, at the GAP Administrator’s discretion, the GAP Administrator may use an equivalent national or regional guide for the territory in which the loss vehicle is principally garaged

16. If I pay off my loan after a total loss, now can the gap settlement be sent directly to me?

If a GAP settlement is due and you have paid off your loan to your lender then please provide us with a Paid-In-Full letter from your lender which will authorize us to send payment to you. We will then send it to the address we have on file.

17. What happens if taxes were deducted on my settlement worksheet but not included in my insurance settlement check?

GAP contracts do not cover any amounts for which the customer should be reimbursed by someone else. Oftentimes tax amounts on the totaled vehicle are sent after-the-fact by an insurance company. We take account of it in the settlement amount and you should check with your insurance company on when they will reimburse you.

18. Why is the police report necessary?

Gap is a total loss product so the police report verifies that a total loss has occurred and is a document we are required to collect in order to adjudicate the claim. If your insurance company doesn’t have a copy of your police report than you will have to contact the police department directly. In few cases there is not a police report and then a statement of loss form must be completed and notarized. The statement of loss form can be found here.

19. Why is a valuation report and an insurance settlement worksheet required?

The valuation report shows how the insurance company identified the value of your vehicle and shows the vehicular information along with options and comparable vehicles that were used by the insurance company to come up with the settlement amount. The settlement worksheet will show the breakdown of how the insurance company arrived at the settlement amount and is necessary to confirm the amount found on the insurance settlement check.


GAP Waivers are an amendment to the retail installment contract that was signed at the time the vehicle was purchased. If the retail installment contract is canceled or terminated, the GAP Wiaver also terminates and cannot be transferred.


You can access your claim through the claims center by clicking here or you may contact our office by phone at 800-930-4633 or email us at, for an explanation. Our office hours are Monday through Friday 9:00 AM to 5:00 PM EST


We have many dealerships and some credit unions selling our GAP waiver. However, our GAP is sold at the point of purchasing your new or used vehicle.