Overhaulin'

Does gap insurance cover if i had refinance the car loan??

I bought a car w/ gap insurance 2 years ago; and i had refinanced the car loan w/ another bank. I would like to know if that gap insurance that i bought 2 years ago will still cover even i refinanced the car???

Public Comments

1. It should but by all means, call or go by and talk to your agent. GAP insurance is almost always cheaper through your insurance company than through where it is financed. And then, if you are in doubt, call and talk to the insurance company you are insured through. Ask your agent who his/her underwriter is and speak directly to them.
2. Not unless you specifically requested it on the refinance. Once you refinance, the first loan is paid off, and any riders connected to the first loan vanish upon payoff. Read the papers you signed and were given copies of from the bank when you did the refinance. If GAP is not mentioned, it isn't there.
3. You ended the contract with the old finance company when you paid off the old loan. If you needed gap coverage you should have asked about it when you refinanced with the new company.
4. it should if you purchased through the dealership when you bought the car. gap is usually financed through a completely different agency than your actual auto finance. you can contact your finance company to make sure.