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Can you cancel your Gap Insurance and obtain a refund?
You may have recently purchased a vehicle and seen GAP listed on the invoice at a price of upwards of £299. You may now be wondering, if you can cancel and obtain a refund. You may have even changed the vehicle and already have Gap Insurance on the new vehicle and wish to cancel your previous policy.
GAP is like any form of insurance, there will be a standard cooling off period and each different policy will have different terms and conditions applicable. However, the standard cooling off period advised with this form of insurance is at least 14 days. Therefore, if you have noticed the price on the invoice and don't want the insurance, simply contact the dealership or the finance company to cancel and obtain a refund. Even if you agreed to having the insurance and have since changed your mind, you will still have the ability to cancel and obtain a refund.
On the other hand, if you have had Gap Insurance for a couple of years and have since changed the vehicle, can you cancel and obtain a refund?
All insurance policies are different, however, you may have the ability of cancelling and obtaining a pro rata refund less a cancellation fee held by the insurer. You may also find that your original policy can be transferred to your new vehicle. Therefore, you will then have the ability to cancel your new policy and transfer the previous policy over to the new car.
Is Gap Insurance Refundable? | Total Loss Gap
If you have purchased a Gap Insurance policy from Total Loss Gap, can you cancel and obtain a refund?
At Total Loss Gap, all of our GAP products will have a 30 Day Money Back Guarantee as standard. Simply put, if you do change your mind for whatever reason, within the first 30 days, providing you haven't attempted to make a claim, you can cancel and obtain a full refund.
If you are outside of the initial 30 day cooling off period, you can also cancel and obtain a pro rata refund less a £35 cancellation fee held by the insurer. Again, this is subject to whether or not you have attempted to make a claim or successfully made a claim during the policy term.
GAP (Guaranteed Asset Protection) is refundable but depending on where you purchased your policy from, terms and conditions may differ slightly to those found online. Being independent we have the ability to negotiate the features within the policy to ensure that we provide the most comprehensive features. Therefore, we can't guarantee that the features you will find at Total Loss Gap will come as standard with all forms of Gap Insurance.
Your policy is fully FCA regulated and backed by the Financial Services Compensation Scheme.
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