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How can I remove gap insurance from my car loan after I break even on the loan?
I took a look at my car loan statement, and I noticed that I've finally broken even on the loan. Because of this, I no longer need gap insurance. How do I get rid of it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a smart move to cancel your
gap insurance
when you break even, so kudos for that! If you purchased this coverage from your insurance company, you can usually just cancel gap insurance
online or over the phone. They’ll usually give you a prorated amount of the insurance back.If you purchased gap insurance from a dealership, you’ll have to contact them to cancel the coverage, typically via phone. You should also get a prorated amount back, although they may not volunteer this information. Ask about a refund while you’re on the phone, and double-check to make sure you get the refund.
Even though you’re canceling your gap insurance, you still need full coverage insurance on your vehicle if you have a loan. This might be a good time to look at your policy and compare it to other car insurance rates. The
Jerry
app makes this easy, allowing you to sign up and compare rates in just a matter of minutes.View full answer
- Gregory R.
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