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How do I take gap insurance off my car?
I purchased gap insurance when I first got my car. Now that I've paid down my loan, I don't think I need it. How do I take it off my car?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“
Gap insurance
is often a smart decision when you’re first purchasing your car. That said, you don’t always need it for the duration of your loan.If you want to
cancel your gap insurance
, reach out to your provider. Typically, this is your lender or the dealership where you purchased the vehicle. You’ll also want to review your gap insurance contract.In most situations, you should have no issue cancelling your gap insurance. If you paid upfront for it, you may receive a refund for the unused amount. If it’s rolled into your loan payments, you should see a reduction in your payment amount.
If provider has any stipulations about gap insurance coverage, they should inform you. Some lenders may require that you carry gap insurance for the life of the loan or may charge fees for cancelling. While rare, every loan contract is different.
When you cancel your gap insurance, consider updating your
car insurance
. While your car’s value may cover your loan amount, carrying extra coverage never hurts. If you want to see what additional coverage would cost, you can ask your current insurance company or go to Jerry
.As a licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and even cancels your old policy for you.”
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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