Can I request a refund for gap insurance if I pay off my loan early?

I am going to be paying off my vehicle early. Can I get a refund for my gap insurance?

Answer
“To find out if you’re eligible for a refund on your gap insurance, you should reach out to your dealership or lender. Since most gap insurance is rated for the lifespan of the loan, you may be able to receive a refund for what you haven’t used.
Every lender and company is different, so it will depend on how your payments were structured.
Even if you aren’t eligible for a refund, paying off your loan early is no small feat! You have already saved money in interest by paying it off early.
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Emily Maracle
Answered on May 03, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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