After adding gap insurance to your policy, it remains in effect until the policy ends. However, you won’t require gap coverage for the entire loan term. As soon as the loan amount is less than the car’s value, you can cancel gap insurance.
You can cancel gap insurance coverage at any time, but it’s important to check with your insurance provider regarding their cancellation policy.
Remember, gap insurance is typically optional and serves as an extra layer of protection to cover the “gap” between your outstanding loan or lease balance and the actual cash value of your vehicle in case of theft or total loss.
It’s recommended to consult with your insurance company or read your policy documents for specific details on the duration of coverage and any conditions that may apply.
If you have any questions or concerns about the duration of your gap insurance coverage, it’s best to contact your insurance provider directly. They can provide you with accurate information and assist you with any inquiries you may have.
Gap insurance is designed to bridge the gap between the actual cash value of your vehicle and the amount you owe on a loan or lease in the event of a total loss. It can be a valuable coverage option, especially if you have a new or high-value vehicle, so it’s worth considering if it aligns with your needs,