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When does gap insurance expire?
I added gap insurance to my loan when I first purchased my car. I've paid down my loan enough that my car is now worth more than my balance. Will my gap insurance automatically expire or do I need to cancel it?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In most cases,
gap insurance
is for the life of your loan. This means that until you pay off your loan, your gap insurance will remain active.While every company is different, you’ll likely need to call your lender to take gap insurance off your loan. It’s unlikely that there would be a set expiration date apart from the payoff date of your loan.
If you purchased gap insurance through your car insurance company, you probably pay monthly for coverage. In this case, you can cancel it at any time by calling your provider.
Most lenders allow you to cancel gap insurance if you no longer want it. Depending on the carrier and how you pay for your gap insurance, you may also get a prorated refund. If you cancel before the end of your loan term, you’d receive any unused premium back.
If you want to cancel your gap insurance, take the time to review your current car insurance policy and compare rates. Shop around with the
Jerry
app to make sure you aren’t paying too much for car insurance.”View full answer
- Gregory R.
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