A standard GAP insurance policy should come into play and cover the balance of your lease or loan after your physical damage policy for comprehensive coverage has paid out the actual cash value (ACV) for the total loss of your car because of it being a stolen vehicle.

Insurance companies polices can differ, so you will want to read through the terms of your GAP policy to make certain that a car being declared a loss due to theft is part of the coverage.

You have reported your car as stolen to law enforcement it seems. You should also contact your primary insurance provider on the vehicle as well as the GAP insurance company. You will need to follow the requirements of both insurance carriers to put in your claims and have them resolved in your favor.

Once your claims are put in with both insurance providers, your claims representatives should be able to tell you how long they think it will take to determine actual cash value of the car and settle with you.

There might be a certain time period that they normally wait to see if the vehicle will be recovered by the police before making a settlement offer. Once the comprehensive claim is settled then next your GAP insurance should be able to tell you how long until your loan balance will be paid off. Until this is done you should continue to pay on your car loan or lease so that you do not get behind, especially because the car may still be recovered and returned to you.