How To File Gap Insurance Claim?

How To File Gap Insurance Claim?

A Gap Insurance claim is one of the best insurance policies, especially for those people whose car is damaged or stolen. But, the process for filing a Gap Insurance policy is quite complex and lengthy as it involves a detailed investigation process. Thus, here in this article, we provide all the essential information about Gap Insurance, how it works, and much more.

So, let’s start the article by knowing the exact process of the actual meaning of the Gap Insurance policy.

What is Gap Insurance?

Before knowing the Gap Insurance claiming process, it is vital to know the actual meaning of Gap Insurance. So, first, let us know what the Gap Insurance is;

Generally, Gap Insurance is an optional car insurance coverage for those whose car is damaged or stolen. Another benefit of having Gap Insurance is that the policyholder gets an additional amount rather than the fixed depreciation value.

But, as it has many benefits, the process of claiming is also complex and a bit time-consuming, as your claim adjuster will do a detailed investigation. Now, after knowing the meaning of gap insurance, knowing the right time to make a claim is also necessary.

When to file a Gap Insurance Claim?

Firstly, a few insurance companies provide such additional options to their policyholder, so whenever you buy any insurance policy, check whether they will provide you with any gap insurance claims.

The second question arises when we can use the Gap Insurance claim. So the clear answer is, if your vehicle is damaged, theft, fire, or vandalism, at that moment only you can go for the Gap Insurance claim; and that too, it is essential to file a gap insurance claim within 24 hours of the incident taking place.

Here are some examples which give you better clarity about when to make a Gap Insurance Claim;

  • You can only claim if your motor insurer states the total loss or damage.
  • If your vehicle is stolen, it is time-consuming as your company will wait for recovery. If your car is not recovered, you are going with this Gap Insurance Claim, and many more examples are there to know when to file a car Gap Insurance claim. 

Documents Required at the Time of Gap Insurance Claim?

Now, after knowing when to claim the process, your very next step is to bring all those documents which are very crucial at the time of making a Gap Insurance Claim.

So, the below-mentioned is the critical list of the document we require when making a claim.

  • The first document we need is the settlement statement from the side of your insurance company.
  • The settlement cheque is also required here as proof of the amount that your insurance company has paid to you after investigating your claiming process.
  • Loan-related documents are essential here to check what amount is mentioned at the time of the original contract.
  • A complete loan history is also required, which includes all the bills of payment given and received.
  • Police report copies are too mandatory here.
  • Sales agreement bills and original documents are required, as based on this, the policyholder will get an idea about the actual price you have paid when purchasing the car. 

The Process to File Gap Insurance Claim:

I hope you already know the documents you need to take with you when making any insurance claim.

So, now the following are the actual steps you should follow to file a gap Insurance claim;

As we discussed above, the claiming process for Gap Insurance is complex and time-consuming. Here we share a few quick and easy steps to follow when making a claim.

  • Your first duty for making a claim is to check whether your policy has any such gap insurance option. So, contact your insurance adjuster for this verification.
  • Your next step would be to call the Gap provider insurer agent, who can help you further your process.
  • Now, you must take enough evidence about the total damage to your car, theft, vandalization, etc.
  • A letter must be there from the side of your insurance company, which tells you about the total liability.
  • Besides this, you must submit all the documents listed above.

Reasons for rejecting your Gap Insurance Claim:

Now, there are several circumstances in which you cannot make a Gap Claim, even if it is included in your insurance policy. So, let’s have a look at a few circumstances;

  • The driver is driving the vehicle after consuming the alcohol or under any other influence.
  • At the moment, when your vehicle is involved in any criminal matter, such as in drug cases or others.
  • Driving without licenses, etc., is why you cannot file a gap insurance claim. 

Final Words:

Gap Insurance is a beneficial optional insurance policy that many insurance companies impart to their policyholder and auto insurance policies. But, as it is a helpful, necessary approach, it has a complex process.

So, here in this article, we have shared all the essential information about the Gap Insurance policy, including its actual meaning, when to use, when not to use, process, etc.

Hopefully, you now have all the details about the Gap Insurance Policy after reading this article; if you still have any questions, please feel free to comment in our website comment section. 

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