Do I get a refund for gap insurance if I pay off my loan quickly?

I have a new car that I will be paying off early. Can I request a refund for the gap insurance I paid for?

Answer
“It never hurts to ask! If you are paying off your car loan early, you should be able to request a refund for your gap insurance.
You’ll want to reach out to your lender or dealership to confirm the terms and conditions of your loan. They’ll also be able to tell you whether or not you’re eligible for a refund.
Your refund typically depends on how you paid for your gap insurance. If the cost of your insurance is rolled into your monthly payments, you may not be eligible for a refund. However, if you paid for the total cost upfront, you most likely will receive something back. “
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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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