Changing your Mind re: Gap Insurance

Changing your mind about Gap Insurance

Being a human being means that from time to time we can change our mind so how does this affect any gap insurance policy you may have bought?

As you may or may not be aware of any gap insurance policy that you buy will come with an automatic legally enforceable cooling off period.

The legal length  for gap insurance is just 14 days but most companies have in fact extended this to 30 days.

This means that whom ever you have bought a policy from either dealership or finance house of even Internet broker providing that you have not attempted to make a claim during this period you can cancel you policy and get a full refund.

This is legally enforceable and in the truest sense of the word your cooling off period does not start until you have received your documentation. This is because to make any real informed choice you need to be able to read and understand the policy terms and conditions. How can you do this if you do not have access to the relevant documentation.

Some companies as we have already touched on have chosen to go above and beyond the legal requirement of 14 days gap insurance cooling off period and in fact now offer 30 days. For example and policy you buy from us using our Gap Insurance 123 brand will have an automatic 30 days.

Even after this time the human condition means that we can still change our mind. After all circumstances change, lifestyles, even points of view can change of periods of time.  With most policies this would means that that you could simple transfer the policy on to you your next vehicle.

Buy what about if you have not bought another vehicle, what about if you next vehicle is a lot more expensive? Perhaps the original levels of cover are no longer the best levels of protection for you?

This is exactly where gap insurance pro rata refunds can help. If you buy a gap insurance policy and change your mind after the 30 days cooling off period you can simply cancel the policy and receive a pro rate refund of any unused amount.

 

 

 

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