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GAP coverage is designed to protect vehicle buyers or lessees in case of total loss, covering the difference between the outstanding loan or lease balance and the vehicle's market value.
Ally's GAP coverage is available for both new and used vehicles, and it provides coverage for up to 96 months on finance agreements.
Claim documents for Ally's GAP coverage can be submitted via email ([email protected]) or by contacting their customer service at 1-866-212-1304.
Ally's GAP coverage includes a deductible of up to $1,000, depending on state law, and it covers the remaining net outstanding balance after a total loss event.
GAP coverage from Ally can be added during the financing or leasing process or through your auto insurance company or the lender financing your vehicle.
If you cancel your Ally GAP coverage within 60 days and have not filed any claims, you can receive a full refund.
GAP coverage is typically not included with all finance companies, and individual state laws may dictate the specifics of GAP coverage and payouts.
The "gap" between the outstanding balance and vehicle market value can be substantial; for example, if your vehicle is worth $16,000 and you owe $20,000, GAP coverage will help bridge the $4,000 gap.
Ally GAP covers not only total losses due to accidents, but also theft-related losses.
GAP coverage may have specific requirements regarding how you maintain your vehicle, any after-market upgrades, and unpaid late payments, affecting the coverage and payout amounts.
To submit GAP claim documents to Ally, you can send them via email ([email protected]) or call their GAP customer service at 1-866-212-1304.
Immediately following a total loss event, contact Ally to initiate the claims process; they also offer roadside assistance, vehicle rental reimbursement, and trip interruption coverage.
GAP coverage is available for both new and used vehicles, and the payout process will differ depending on the type of vehicle and the state in which the vehicle was purchased.
Be aware that if a GAP claim is approved, it may impact your credit history, as it involves a payoff of the remaining vehicle loan or lease balance.
Some auto insurance companies may offer GAP coverage as an add-on option, providing a single point of contact for both insurance and GAP coverage.
Reviewing vehicle protection products and understanding how GAP coverage fits into the overall protection plan can help you select the right protection options for your personal circumstances.
Vehicle maintenance and driving history may affect the outcome of a GAP claim, so it is essential to keep detailed records and address any late payments or outstanding fees before filing a claim.
Maintaining a good relationship with your auto insurance provider and GAP insurance company can help ensure smooth communication throughout the claims process.
Understanding the limitations and conditions of your GAP coverage can set clear expectations and avoid any potential misunderstandings during the claims process.
GAP coverage can be a valuable addition to your vehicle's protection, providing peace of mind and financial protection in the event of a total loss or theft of your vehicle.