GAP Insurance

Can I cancel Gap Insurance from the dealership?

By April 5, 2019 No Comments

Can I cancel gap insurance from the dealership?

You bought a car from the dealership – congratulations! The whole process can be draining and take a long time, especially when you have to sit through sales pitches for add-on products. Ended up purchasing an insurance product with a deal you realized is really expensive? No worries, in some cases you can cancel gap insurance from the dealership.

3rd Party Policies

If you have purchased a 3rd party policy, you should be able to cancel your Gap Insurance policy at any time at a pro-rata rate. What exactly does this mean? It means you get a refund for the unused portion of the policy – but when it comes to cancelling “the sooner the better” is true .

Why Gap Insurance with Obvi is different

For more information about Gap Insurance, read our explainer blog here.

Gap Insurance is an important insurance policy, but you don’t deserve to be paying thousands for it. Obvi is the only fully online solution in Western Canada, meaning that we cut out the middleman saving you money. By being online, it also means that you don’t have sales or time pressure and can purchase when you are ready and have conducted as much research of your own as you like.

Why would I want Gap Insurance?

CBC News reported that in 2018, 55 % of all new car loans were for at least 84 months (7 years). Unfortunately, people forget that having a loan over a long number of years does come with risks. Here are some points to think about;

  • “I’m a sensible driver, I’m not going to crash my car…” Hopefully you won’t ever be in an accident, but what if it is stolen? Or there is a fire? Not everything is always in our control, so if you have a long term loan, you want to have reassurance that you will be financially covered in case something happens.
  • The worst case; you don’t want to be left with a loan and no car- this can happen, and that’s why you need protection.

GAP Insurance is there to help protect your finances and give you peace of mind. We sometimes forget the financial risks and ties that are associated with our vehicles, and we also often forget that some events are outside our control such as theft or accidents. With Obvi you can purchase GAP Insurance online. Find out more about GAP coverage and get a free quote now.