1.) What is GAP protection?
If your vehicle is declared a total loss, your auto insurance company may not cover the amount needed to pay
off your finance contract. Auto insurance companies will generally pay the market value of the vehicle at the
time of loss, minus your deductible. So who is responsible for the balance of the loan? You are! GAP is
designed to protect you from an unexpected financial obligation if your vehicle is declared a total loss from
causes such as theft, accident, fire, or flood, and your loan balance exceeds the NADA retail value of the
vehicle at the time of loss. GAP will pay the difference between your vehicle’s NADA retail value and the
balance of your finance contract, including (in most states) up to $500.00 of your auto insurance deductible.
2.) Why do I need gap?
If your vehicle is declared a total loss, either due to accident or theft, your auto insurance company may not
cover the amount needed to pay-off your finance contract. Auto insurance companies generally pay the market
value of the vehicle at the time of loss, minus your deductible.
3.) Will GAP cover the total loan balance in the event my primary insurance was not in effect at the time of
No. Your primary insurance is the primary protection for your vehicle. A GAP claim may be filed if there is
not primary insurance coverage, however the amount covered will be based on the loan balance after an
assumed amount would have paid if primary insurance was in place.
4.) If I sell, trade, or refinance my vehicle, is there a refund for the GAP coverage?
The GAP protection is refundable within the first 30-60 days depending on the regulations of your state. After
that, some states authorize a pro-rated refund. Contact the MILES Gap Claim Specialist at 1-866-466-4537 ext.
225, for the answers to your specific questions.
5.) Will GAP automatically “kick in” in the event of a total loss?
No. The responsibility to report the loss is yours. Contact the MILES GAP Claim Specialist at 1-866-466-4537
ext. 225, who will assist you to initiate a GAP claim.
6.) How long does it take for the GAP claim processing and payment to be made?
The normal time for processing and payment of GAP claims should take approximately 2-6 weeks from the
time all documents required have been received.
7.) Who receives the GAP claim payment?
The payment will be issued to the lienholder, US Bank, and will be applied to your loan balance.
8.) I have made my scheduled monthly payments on my loan after the loss of my vehicle. Will I get
reimbursed for these payments?
The amount of the gap claim will be based on the loan balance as of the date of the loss. Additional payments
made after the loss date continue to be applied to the loan as normally scheduled payments. Any overage in
your account after the GAP has been applied to the loan will be reimbursed to you, the customer.