We purchased a GAP policy with a local dealership for a 2006 Ford Focus. The vehicle was totaled in DEC 08. There was an extension on the vehicle for a month but that was it. Based on their policy of using an amortization calcuator and utilizing the lowest of the payment history versus what the bank paid off. Their policy is to utilize the lesser of the two. Which means with the bank using the NADA value of the vehicle for example: $10, 100 and your payoff is $11, 000. You would think the GAP would pay $900 off. WRONG!!! This company pays based on your payment history. That is all. Which means, they dont pay one cent to what is owed. So if you have purchased any GAP auto insurance from this company. YOU ARE BETTER OFF CANCELING AND GETTING YOUR $295 back or a portion of it. THEY DONT PAY!!! I had to also send all kinds of paperwork for nothing. They dont even go by what you send them.
This is how they make money and should be closed down because they serve no purpose.