How to Cancel Gap Insuranceby Carrie Thomas
Canceling gap insurance is simple. Contact your loan originator or your gap-insurance agent to cancel your policy over the phone. You may have to refinance your loan if you want to lower your monthly payments.
Call your loan originator and ask to cancel your gap insurance. Have your loan account number and personal information ready.
If the loan officer can't cancel your insurance over the phone, he may ask you to call the insurance company that holds your gap insurance.
Call the insurance company and request to cancel your policy.
Your next car payment will be the same amount, as the gap insurance will be taken off the back end of the loan. You will have fewer payments that are equal to the remainder of the gap insurance policy.