Who Do I Call to Cancel GAP Insurance?

Guaranteed Asset Protection (GAP) insurance is an optional coverage designed to protect car owners if their vehicle is declared a total loss due to an accident or theft. This coverage helps bridge the financial gap that can arise between the actual cash value an insurer pays for a totaled vehicle and the remaining balance on an auto loan or lease. Many consumers consider canceling GAP insurance when their financial situation changes, such as when they pay off their car loan early, sell the vehicle, or refinance the loan. Understanding the cancellation process can help manage these financial arrangements effectively.

Determining Who to Contact

To cancel GAP insurance, first identify the correct entity to contact. The provider of your GAP policy is typically the original car dealership, the lender that financed your vehicle, or a third-party insurance company. Your original loan documents, the vehicle purchase agreement, or the GAP policy contract itself usually contain this information, often listing the policy administrator or the entity responsible for cancellations. These documents will help pinpoint the contact information needed for your policy.

Preparing for Your Cancellation Request

Gathering all necessary information before initiating a cancellation request streamlines the process. You will need your GAP policy number and your auto loan account number. The Vehicle Identification Number (VIN) of your car confirms the vehicle associated with the policy. Knowing the original purchase date of the vehicle and, if applicable, the current payoff amount of your loan is also useful. This information allows the provider to locate your policy and calculate any potential refund due.

Submitting Your Cancellation Request

Once you have gathered the required information, you can proceed with submitting your cancellation request. Common methods include a phone call to the policy administrator, sending a written letter, or utilizing an online portal if one is available. When contacting by phone, state your intent to cancel the GAP policy and be prepared to provide the gathered details. Many providers will require a signed cancellation form, which they will provide via email or mail. Completing this form with your policy details and vehicle information is necessary to formalize the request.

Following Up on Your Cancellation

After submitting your cancellation request, confirm its processing and track any potential refund. Most providers process cancellations within a few weeks, with refunds issued within 30 to 60 days. The refund, if applicable, might be issued as a direct deposit, a check mailed to your address, or a credit applied directly to your outstanding loan balance. If a refund does not arrive within the expected timeframe, or if there are discrepancies, contact the provider again to inquire about the status of your request and the refund disbursement.