GAP Claims

GAP-(Guaranteed Asset Protection)—In the event a vehicle is 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. It may not cover the entire outstanding balance and may be subject to any limitations or exclusions listed on the GAP contract. Gap is a waiver and not insurance. GAP does not cover any late fees or
unearned interest.

The most efficient way to start a GAP claim is to go to the Classic Claims Portal at www.classictrak.com and selecting the Gap Claim Center button . Begin by searching for the contract using either: the contract number and last name OR the last name and last 6 digits of the VIN number. The Claims portal will allow you to start a claim by completing a short claim form with a few questions, 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 of activity on the claim.
You may also go to our website at (www.classictrak.com) and click on claims procedures from the customer drop down menu. The information in “claims procedures” will walk you through the whole claims process.

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.

You have 90 days from the insurance settlement check date to get all your documents to us, as the administrator, in order to process your claim. A benefit request may be denied if this
documentation is not provided to us, as the administrator, within that stated time period. You
should upload your documents to the Classic Claims Portal or send them in as you receive
them. You can initiate a claim the day of a total loss and start submitting documents
immediately. If you have any problems getting a certain document please contact us for
assistance.

When you open a claim you will be emailed a Claims packet with instructions on what
documents are required by us as the administrator to settle your claim. The documents come
from three sources: your dealership, your lender and your insurance company. Due to privacy
laws we cannot obtain these documents for you. You are the only person allowed to request or
receive these documents so it is the responsibility of the customer to collect them and make
sure they have been received.

It depends on how long it takes us, as the administrator, to receive all the documentation as well as how long it takes for you to receive your insurance settlement check. We do need all the documentation listed in “Claims Procedures” order to process the claim and it 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 lender and to your email or residence on file once the claims process is complete.

If you use our Classic Claims Portal then you can sign up for claims notifications and 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. This is the fastest way to get feedback, and to have your claim processed.
If you are unable to use the Classic Claims Portal 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.

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, usually within 24 hours. Emails or documents mailed to us can take up to 5 business days to process.

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 at that point should be reimbursed to you by the lender.

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.

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.

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. We will use the ACV (Actual Cash Value) of the vehicle as determined by NADA (National Automobile Dealers Association) the industry standard guide to determine the value at the date of loss.

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 any applicable payment to you. We will then send it to the address we have on file.

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 as a deferred settlement by an insurance company, sometimes after a new vehicle is purchased. We take account of it in the settlement amount and you should check with your insurance company on when they will reimburse you.

Gap is a total loss product so the police report verifies that a total loss has occurred and is a required 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 some cases there is not a police report and then a statement of loss form would need to be completed and notarized. The Statement of Loss form can be found at
www.classictrak.com/claims-procedures-2/

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 are 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.

Classic’s GAP Advantage is an additional $1,000 benefit the customer can receive if they purchase their replacement vehicle from the original selling dealer. GAP Advantage form says Advantage special form. The $1,000 benefit is only payable when an amount is waived on a claim.