Can i cancel gap insurance

If you purchased gap coverage straight from an insurance provider, contact your agent to cancel the policy and request a refund. If you purchased it from a car dealer at closing, you may have paid an upfront premium that covers the car for several years. Requesting a refund for gap insurance purchased from a car dealership will require following a few steps.

Once the process is complete, the insurance provider will cancel your policy and issue a refund. You'll usually get it in the form of a check. The refund process can take a few days, or as long as six weeks.

How long it takes to receive your refund depends on who provided the gap insurance in the first place. It can take longer if it was provided by a car dealer rather than an insurance provider, for instance. You can also cancel the coverage when you sell or trade a vehicle. If gap insurance is required by a lease or finance agreement, consult the contract to find out how long you must continue the coverage.

When buying it straight from an insurance company, the carrier will base your premium on several factors, including your age, your location, your car's actual cash value, and your claims history.

If you lease a car, the leasing company may include gap insurance in your contract. This should detail the terms of the coverage. These firms often offer gap coverage as an endorsement or rider to car insurance policies. Federal Reserve. United Policyholders. International Risk Management Institute. Texas Department of Insurance. Guaranteed Asset Protection Alliance. Actively scan device characteristics for identification. You can then use that rebate towards the cost of a new policy on a new vehicle and no cancellation fee will apply.

Toggle navigation. Cancelling within the first days: If you wish to cancel your policy within days of purchasing it, please let us know and so long as no claim has been made and no claims are pending, we'll cancel your policy immediately and refund the amount paid in full. Cancelling after the first days: If you wish to cancel your policy after the first days, please let us know and so long as no claim has been made and no claims are pending, we'll cancel your policy immediately.

Please note that we no longer issue cheques. Cancelling a policy that was paid for by way of a credit agreement: If you are cancelling a policy that was paid for by way of a credit agreement and are due either a full or pro-rata rebate see above that rebate amount will initially be paid towards the outstanding balance of that credit agreement. A-Rated Insurer. UK-Based Insurer. NO Market Value Clause. Cash Payouts. Aren't unrated insurers covered by the FSCS?

But offshore insurers are covered by the FSCS aren't they? Yes, though not as comprehensively as some companies would have you believe. Our GAP insurance Policies Pay Out In Cash If you make a claim on one of our GAP insurance policies, once any finance company with an interest in the vehicle if applicable has been paid the amount due to them, the remaining funds are paid directly to the policyholder.

Get instant quotes tailored to your needs - fill out our short form, today! Instantly compare quotes from top providers, online, with our easy-to-use tool. Compare cheap auto insurance quotes from all the top companies, in one easy place. Find out how much you can save, today! Updated August, Get cheap insurance quotes, today! Why do you need gap insurance? Get a refund! Just be sure to act quickly.

Typically, you have 30 days to cancel the insurance policy and get full reimbursement. After that, you may only get a prorated refund or possibly have to pay a fee. Read your policy documents to find out how to cancel your gap insurance. Then, if you choose to, buy a new gap insurance policy from your regular insurance company.

You can compare car insurance rates online to find the best deal. First, look at your car loan statement to see how much you owe on the vehicle itself excluding any extras. If car insurance is a significant drain on your budget, you may be looking for ways to save. Canceling gap insurance is one small way you can cut costs. But want to know the best way to save? Shop for auto insurance quotes online at Compare.

You can see personalized, unbiased quotes from multiple insurance companies in just a few minutes and then pick the best deal. Convinced that canceling your gap insurance is the right step for you? OK, great.