My car was stolen! What happens when I report it to Gap Insurance?

Under your full coverage insurance, you have a coverage called comprehensive or sometimes called Other Than Collision (OTC). This pays the actual cash value minus any deductible for the auto itself, but the money goes towards the laon first, if there is one. If there's not a loan, you get the check. GAP coverage is usually purchased IF your car loan value exceeds the actual cash value. In the event of a covered loss, the GAP will pay off the balance of the loan after the insurance company pays their part. Therefore your loan would be free and clear, but still left with no car. The company is not obligated to buy you a new car. You would need to start over and go car shopping. Just beware that you only need the GAP coverage IF the loan is more than the car's actual cash value. Always purchase it from your insurance company instead of the dealer as it is MUCH CHEAPER this way. This gap would include new cars usually up to 2 years of age, or when you get another car with a trade in (since trade in's hold a lower value). In regards to a time limit, insurance companies are usually pretty quick to pay off theft claims. They usually have to wait a minimum of 48 hrs due to some policy contract issues. It should never be more than 30 days though. I am assuming you were not "fully insured" though and failed to get car rental coverage. This would have helped in your dilema of getting to and fro.

Gap Insurance only pays off the balance that your insurance doesn't cover. This way you aren't making payments for something you don't have. No, it won't get you in a new car. You need to start that process from scratch (down payment if required).

gap insurance just assures you , you won;t have pay anything out of pocket to pay loan off - you will still need your own money to buy a new car, so you may as well start looking for that now