GAP Insurance and Auto Advantage
How you can benefit from GAP Insurance and TDECU’s Auto Advantage
If you have suffered a total loss of a vehicle, GAP coverage and our Auto Advantage benefit can help.
GAP Coverage:
GAP Insurance can assist with paying any differences between what is owed on your vehicle, and the vehicle’s value. For more information on GAP coverage, please refer to your original vehicle sales contract.
How to file a GAP Insurance claim if you financed with TDECU through a Member Center or Member Care:
- If you have experienced a total loss of your vehicle, you will need to make a claim with your car insurance company first.
- After initiating the claim process with your insurance carrier for the loss, contact TDECU to file for the GAP coverage.
- Complete a Total Loss Claim Application online, stop by your nearest TDECU Member Center or call Member Care at (800) 839-1154 to start the GAP claim process.
How to file a GAP Insurance claim if you financed with TDECU through a dealership:
- If you have experienced a total loss of your vehicle, you will need to make a claim with your car insurance company first.
- Contact TDECU by email to provide the status of your GAP Insurance Claim. If you need any assistance in providing GAP and/or lender/dealer documentation please visit your nearest TDECU branch, call (800) 839-1154 or email us.
- After initiating the claim process with your insurance carrier for the loss, contact GAP. GAP policy information can be found from the contracts signed at the dealership where you purchased your vehicle. GAP will typically require the following documents:
| Document Needed | Description of Document | Who to Contact for Needed Documentation |
|---|---|---|
| Color Photos | Color photos of the damage | Insurance |
| Insurance Company Settlement Statement/Breakdown | On insurance company letterhead with adjuster name and telephone number. Includes date of loss, cause of loss, miles at date of loss, Actual Cash Value, applicable taxes and tag fees, deductible amount and final settlement figure. | Insurance |
| Insurance Company Settlement Evaluation/Valuation | Full insurance evaluation report showing how the insurance company determined the Actual Cash Value of the vehicle. Must include any options on the vehicle and mileage at the date of loss. | Insurance |
| Insurance Company Settlement Check | Photocopy or draft copy of the Insurance Company check(s). | TDECU |
| Complete Payment History Record and Payoff Statement | History of all transactions occurring since inception of loan. Includes payoff as well as a statement from the lienholder showing detailed payoff with per diem interest. | TDECU |
| Police Report or Cause of Loss | Full, official Police Report or "Cause of Loss" letter from insurance company stating that a police report was not filed and an explanation regarding the cause of loss. | Insurance |
| GAP Contract | Photocopy of GAP Loan/Lease deficiency waiver addendum (front and back). | TDECU |
| Loan/Lease Finance Agreement | Photocopy of front of loan contract or lease agreement. Includes mileage at date of purchase. | TDECU |
| Buyer's Order/ Purchase Order | Photocopy of front of buyer's order/purchase order | TDECU |
| MSRP (new vehicles only) | Manufacturer's suggested retail price located on the window sticker and the invoice. | TDECU |
| Proof of Refund Amount or Expiration of any Cancelable Items | If a refund: Copy of the contract and check copy or statement of dollar amount of refund on dealer letterhead. If Expired: Copy of contract and substantiation of vehicle mileage (mileage expiration). | TDECU |
| Declaration Page | The front page (or pages) of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured. | Insurance |
Important GAP Information to Know:
- GAP does not pay for additional interest. This includes interest due to late payments, extensions, or Skip Pay. GAP typically will not pay out if the vehicle was totaled due to the driver of the collateral being under the influence.
- GAP does not always payoff the insurance deficiency. GAP typically only pays if the balance is over $1,000 and up to 125% of the value of the vehicle (depending on the purchased policy.)
- You have limited time to file and complete your GAP claim from your total loss date. If not filed within a timely manner, it will expire and GAP may not payout.
- Please keep in mind that a Total Loss Claim can take up to several weeks to be finalized. Any payments due within this time is still your responsibility to be paid until it is paid in full. Please note that the loan history will still be reported to the credit bureau. Feel free to contact us with any questions or concerns.
Auto Advantage Benefit:
Included in the GAP policy is an Auto Advantage benefit. The Auto Advantage benefit pays up to $500 per loss (unlimited losses per year) when a claim is filed and paid with the primary insurance carrier.
Here’s what you need to know about the Auto Advantage benefit:
- Any car or truck that the primary borrower leases or owns (titled or registered) and insures under an auto insurance policy with the Member as the named insured is covered. This is regardless of who created the loss or was driving the vehicle at the time of the loss.
- Coverage is effective upon the GAP date of enrollment and will continue for five (5) years, even if the loan pays off early or the vehicle is no longer owned by the Member.
- Coverage is for the primary borrower on the loan.
- Loss means an event for which the auto insurance company has approved and paid a claim which exceeds the covered auto deductible for a collision or comprehensive claim.
How to file an Auto Advantage claim:
Your claim must be reported within ninety (90) days of the loss. Contact the claims administrator, AssurancePlus Claims, at (877) 296-4892 to request a claim form.
The following items must be sent to AssurancePlus Claims and postmarked within one-hundred and eighty (180) days of loss:
- A fully completed insurance claim form
- A copy of the auto policy, showing the vehicle insured
- A copy of the auto policy claim from the auto insurance company showing payment for the loss, with the amount paid and the covered auto deductible of the auto policy.
The administrator may request additional documents to validate your claim.
The TDECU team is standing by and ready to assist. Please stop by a Member Center or call us at (800) 839-1154 for more information. We’re here to assist.