Are You Receiving Full GAP Benefits? Protect Your Rights Against Fraudulent Partial Payouts!
Recently, many vehicle lienholders, creditors, and financial institutions have been wrongfully and fraudulently paying out only partial GAP (Guaranteed Auto Protection) benefits, leaving consumers stuck with unexpected debt. If this has happened to you, you may be entitled to compensation.
What is GAP Insurance?
By definition, Guaranteed Auto Protection (GAP) insurance covers the difference between what you owe on your vehicle loan/lease and the actual cash value (ACV) if your car is totaled or stolen. This ensures you don’t owe more than the vehicle is worth. (Source: Google)
If any of these sound familiar, you may have a case:
- You received less than full GAP benefits after your vehicle was declared a total loss.
- You still have an outstanding balance on your vehicle after GAP benefits were paid out.
- You were misled or pressured into accepting a partial payout.
You could be entitled to:
- Full GAP benefits owed to you
- Regulatory penalties against the insurer
- Interest and late fees for delayed payments
- Bad faith claims for unfair practices
- Additional compensation for financial harm
Don’t let insurers take advantage of you. Fight back!
What Does GAP Insurance Cover?
- The “Gap”: GAP insurance protects you when your vehicle’s value depreciates faster than your loan balance, especially in the early years of ownership.
- Total Loss: If your car is totaled or stolen, your standard auto insurance pays the ACV (market value) minus your deductible. GAP insurance covers the remaining loan/lease balance.
- Financial Protection: GAP insurance ensures you won’t owe money on a vehicle you no longer own.
- Peace of Mind: It provides security, knowing you won’t face a large debt if your car is totaled.
Where Can You Get GAP Insurance?
- Dealerships: Often offered when purchasing or leasing a vehicle.
- Insurance Companies: Many providers offer GAP insurance as an add-on to your auto policy.
- Credit Unions: Some credit unions also provide GAP insurance options.
If you’ve been shortchanged on your GAP benefits, contact me today!
I am a licensed South Carolina attorney specializing in insurance disputes. All consultations are free, and I’ll help you understand your rights and options. Don’t let insurers get away with fraudulent practices—take action now!
Call or email today to schedule your free consultation and protect your financial future!
