If you cancel within 60 days and haven't filed any claims, you can get a full refund. An administrative fee will also apply, if applicable. When it comes to buying your GAP coverage, you have several different options. GAP coverage is included in all Ally leases, but not all financial companies include GAP.
If you're buying a vehicle, you can usually include GAP coverage when you sign the lease or financing contract documents. You can also get the GAP through your auto insurance company, the lender that finances your vehicle, or an independent GAP provider. If you cancel your GAP policy early, you'll receive a refund from GAP insurance that will reimburse you for a portion of the unused premiums. This usually happens after you pay off the loan, or if you sell or exchange your vehicle before paying off the loan.
Generally, you must pay for GAP insurance in advance in order to receive a refund from GAP insurance. If you paid for your GAP insurance on a monthly basis, you may still qualify for reimbursement, but it's likely to be much lower than if you paid in advance. Insurance companies may have a specific deadline for GAP insurance reimbursements, but you can usually request a refund at any time before the policy period expires. Guaranteed auto protection (also known as GAP insurance) is an insurance policy that offers a refund if the car is stolen or completely destroyed and you still owe money from the car's car loan.