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How do I remove GAP insurance from a car loan?
I've reached the break-even point on my car loan where my balance is lower than the actual cash value of the car—which is great! This also means that I'm ready to get rid of my GAP insurance since, well, there's no gap anymore. This is my first time with a loan, though, so I'm not really sure what to do. How do I remove GAP insurance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congrats on reaching the break-even point! If you got
GAP insurance
through your car insurance, removing it from your policy is as simple as calling your provider. In most cases, you’ll be eligible for a prorated refund of your policy.If you purchased GAP insurance through your lender, the process is similar, although you may have to speak with a customer service agent that will try and convince you to keep it.
In either case, you should only cancel GAP insurance if your car’s actual cash value is less than your loan balance. If it isn’t, you may want to consider holding off until the break-even point between the two.
While you’re canceling your GAP insurance, you may also want to review your car insurance policy to make sure you’re getting the best deal on the coverage you need. If you’re not happy, try shopping around with the
Jerry
app—we’ll get you multiple quotes from top providers across the country so that all you have to do is choose the one that fits your needs.Best of luck, and enjoy your savings!”
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- Gregory R.
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