GAP Contract FAQs


The Terms and Conditions sections of your contract can be used to answer most questions. If you do not have a copy, your selling dealer can provide one. Here are the most common questions:

How do I file a GAP claim?

If your vehicle is declared a total loss by your insurance, here is a list of the required documents to file a GAP claim with Kornerstone:

  1. A complete copy of Primary Insurance Settlement, including check and valuation worksheet
  2. A copy of your insurance policy (this is the one-page summary called the declaration page)
  3. Copies of the original sales contract, loan agreement and GAP contract
  4. A copy of the accident/police report (this is the officer’s narrative that you must request from the police department)
  5. A copy of the payoff from the lender as of the date of loss, and a copy of the entire payment history

This documentation must be provided to Kornerstone. Please refer to the Contact Us page for contact information.

What happens to my GAP contract if I refinance my loan?

Because a GAP contract is tied to the terms of the original loan, any changes to that loan will end the GAP coverage. If you refinance, you should cancel the contract through the selling dealer for a pro-rated refund, minus a cancellation fee. If you refinance, your lender should offer you a different GAP product to protect your new loan.

Can I cancel my GAP contract?

Yes. You can cancel your GAP contract at any time through the selling dealer for a pro-rated refund, minus a cancellation fee. The typical time to do this is if you sell your vehicle or pay off your loan.

What will my GAP claim cover?

If you qualify for a GAP claim, your contract will pay the difference between the cash value of your vehicle (usually determined by your insurance benefit) and the amount you owe to the bank, provided that you have made all of your payments on time.  The GAP benefit will NOT cover the following:

  1. Missed payments, deferred payments, late fees, or added interest due to those charges.
  2. Any charges added to the balance after the inception of the financing contract.
  3. Refundable amounts from service contracts or other insurance products.
  4. Losses due to DUI/DWI, intentional damage, or criminal acts by the contract holder or permissive user