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How do I cancel gap insurance on my car?
I originally got gap insurance because of my loan terms. I've paid enough on my loan to no longer need it. How do I cancel it?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Having
gap insurance
at the beginning of your loan period is a smart move. Many people don’t realize how easy it is to owe more on your car than it’s actually worth after an accident that totals your vehicle!Since you reached a break-even point between your car loan principal and the actual cash value of your car, you can
cancel your gap insurance
. To cancel, reach out to your gap insurance provider. In most situations, this is your lender, dealership, or car insurance company.If your gap insurance is through your car insurance company, consider shopping around once you remove it. Any time you change coverage on your policy, it’s a great time to look at other companies. Comparison shopping ensures you’re getting the best rate for insurance.
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