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Gap Insurance Cancellation

If you are looking to protect your vehicle with Gap Insurance then you can choose anything up to 5 years with GapInsurance123. This means that you are looking to cover yourself for quite a long time into the future, and whilst you may have every intention of keeping the vehicle for that time, circumstances can change.

Cancel or Transfer Gap Insurance?

If you have a five year policy, and you simply sell your vehicle after say 3 years, what can you do about your remaining Gap Insurance cover?

Basically you have two choices-

If you have changed your vehicle for another one, then you could look to transfer the remaining cover onto your replacement vehicle.

If you do not have a replacement vehicle to transfer the cover to, then you could cancel the remainder of the policy entirely. Any Gap Insurance policy can be cancelled, but can you get a refund? In the past it has been very rare for any Gap Insurance policy to allow for a 'pro rata' refund if you cancel the policy early. However, with a GapInsurance123 policy that is exactly what you can do if you wish. So if you had 2 years left from a 5 year policy, you can get a pro rata refund of the unused premium direct from the insurer.

So if circumstances do change and you wish to change or sell your vehicle, you are left with some choices with a GapInsurance123 policy.

Gap Insurance features in writing

One final point, and it is an important one we believe. Any feature of a GapInsurance123 policy is specifically written into the terms and conditions of the policy. You can see it in black and white.

Why do we make this point? Well we often come across 'features' offered by brokers that simply are not seen in the policy terms. Now these promises may be made in good faith by the broker, and they may be honoured by the broker too. However, what happens if the broker is not around if you need to make a claim? It is the policy terms and conditions that the insurer will settle on, and if the feature you are requesting was a term not seen in the policy then the insurer is likely to adhere to the terms in black and white.

At GapInsurance123 we will only offer terms that are set out in writing for you. This is not to say that we are planning to go anywhere, however we feel it is only right that we stick to what the insurer commits to, not what we like to do.

This is a stance we take to try to be fair to both the consumer and the insurer.