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GAP Insurance Shortfall Calculator

Find the gap between what you still owe on your car and what your insurer is offering — and whether GAP coverage should close it.

Short answer

GAP coverage pays what you still owe on a loan or lease above your car's actual cash value after a total loss. It usually does not pay your deductible, past-due payments, add-ons rolled into the loan, or loan amounts above its limit, often 125% to 150% of the car's value. Enter your numbers to see who pays what.

Why GAP might not pay it all (optional details)

Fill in what you know from your loan statement and GAP contract to see what GAP should pay and what may be left for you.

Extended warranty, service contract or credit insurance financed in the loan. GAP subtracts the refund you get when they are cancelled.
Many GAP contracts only cover a loan up to 125% to 150% of the car's value. Leave blank if yours has no cap.
Enter 0 if your GAP contract does not cover the deductible.
Not legal, financial, or insurance advice. This tool gives a general, educational estimate only. Insurance laws, deadlines, and formulas vary by state, by policy, and by insurer, and they change over time. Verify anything important with your insurance policy, your state department of insurance, or a licensed attorney before relying on it. GAP contracts vary by lender and provider — always check your specific contract's exclusions.

What GAP insurance actually covers

GAP (Guaranteed Asset Protection) coverage is designed to pay the difference between what you owe on a car loan or lease and what your standard insurance pays out after a total loss — because a car’s actual cash value often falls faster than a loan balance, especially in the first few years.

Common exclusions to check

  • Past-due loan payments at the time of the loss
  • Extended warranties or service contracts rolled into the loan
  • Unpaid finance or interest charges
  • Your insurance deductible (covered by some GAP policies, not others)

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Worked example

Your loan payoff is $21,500. The insurer values the car at $17,000 and you have a $1,000 deductible, so the insurance check is $16,000.

  • Total gap: $21,500 − $16,000 = $5,500
  • If your GAP policy covers the deductible, it pays the full $5,500 and you owe nothing.
  • If it excludes the deductible, GAP pays $4,500 and you still owe the lender $1,000.

Past-due payments, late fees and products rolled into the loan, like an extended warranty, are common exclusions. If a warranty was financed into the loan, ask the seller for a prorated refund of the unused part.

What to do next

Frequently asked questions

Does GAP insurance cover my deductible too?

Some GAP policies cover a portion of your deductible (often capped around $500), most do not. Check your specific GAP contract or ask your GAP provider directly.

What if I don't have GAP insurance and there's a shortfall?

You're typically still responsible for the remaining loan balance to your lender, even though the car is gone. Some lenders will negotiate a payment plan — contact them as soon as you know the settlement amount.

Do I keep paying my car loan while the GAP claim is processed?

Yes, in most cases. Missed payments during the claim can be excluded from GAP coverage and can hurt your credit, so keep paying until the lender confirms the loan is closed.

What documents does a GAP claim need?

Usually the insurer's total loss settlement letter, the loan payoff statement, your payment history, the original purchase or finance contract, and the GAP agreement itself.