4193878977324253

The health and safety of our staff, customers, and community is our top priority. Read an important message from Voss Hyundai.

Gap Insurance Refunds

car insurance paperwork with car key

State law requires that you purchase liability insurance coverage for your new Hyundai vehicle. In addition, many lenders require that you purchase collision and comprehensive coverage. You may also choose to purchase optional coverage like gap insurance, which kicks in if you’re involved in a collision while owing more than your car is worth.

All of that can add up, but you’ll receive a gap insurance refund if you pay off your car loan early. So how does a gap insurance refund work? In the guide below from the Voss Hyundai finance center, we’ll take a closer look at gap insurance refunds and how they work for Centerville drivers like you.

What is Gap Insurance?

All vehicles begin to experience depreciation, or a drop in cash value, the moment you drive off the lot. As a result, it’s possible to owe more on your car than it is actually worth until you make some headway paying off your loan. If your vehicle is totalled in a collision during this period, your insurance will only pay out the vehicle’s current cash value, not what you owe on your loan. With gap insurance, you won’t have to pay the difference out-of-pocket.

How Does a Gap Insurance Refund Work?

You can get a portion of your gap insurance policy back after you finish paying off your loan. Keep in mind that a refund is only possible in certain circumstances, and how a gap insurance refund works will depend on several factors:

  • You’ll need to pay for your gap insurance policy up-front in order to claim a refund later.
  • To claim a gap insurance refund, contact your insurance provider with documentation that your car has been traded in, sold, or paid off early.

Gap Insurance Cancellation

Even if you don’t pay off your car loan early, you may be able to receive a small gap insurance refund by canceling your policy early. After contacting your provider to get the cancellation process underway, you’ll need to submit the following paperwork:

  • Gap insurance cancelation forms
  • Copy of an odometer disclosure statement
  • Copy of auto loan payoff showing the date your vehicle was paid off

Once these are submitted and processed by the provider, Miamisburg drivers will be entitled to a gap insurance refund for the unused portion of the policy.

Rely on Voss Hyundai for Expert Auto Finance Tips in Dayton 

Wondering how to qualify for a car loan? The auto finance experts at Voss Hyundai are happy to speak with you and offer expert car-buying advice. Visit us near Kettering or use our online buying tool to calculate your monthly budget. Contact us today to learn more!

More from Voss Hyundai

  • 2021 Hyundai Santa Fe Reviews

    When it comes to compact SUVs that deliver excellent performance and stunning new features to transform your Centerville commute, the new 2021 Hyundai Santa Fe reviews indicate why this ride should be at the top of your list. The automotive world’s top voices weighed in to review the Hyundai Santa Fe and have many praises…

  • 2021 Hyundai Sonata MPG Guide

      How good is the Sonata gas mileage? This roomy sedan offers an affordable way for Centerville drivers to upgrade their commute, and the savings continue after bringing the new Sonata home, as the 2021 Sonata mpg ratings are very competitive. At the base level, the Sonata gas mileage is an EPA-estimated 28 mpg city/38…

  • 2021 Hyundai Elantra Interior

    A new sedan should transform your Centerville commute, and you’ll get all the upgrades you need and more when you explore the new 2021 Hyundai Elantra interior. Providing customers with a reliable cabin for everyday errands along with unique Hyundai Elantra interior packages to accommodate your needs, this sedan has it all. Learn more about…

Saved Vehicles

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact Us

937-428-2400

Call Now

766 Miamisburg Centerville Rd. • Dayton, OH 45459

Get Directions

Today's Hours:

Open Today! Sales: 10am-7pm

Open Today! Service: 8am-6pm

Open Today! Parts: 8am-6pm

Voss Hyundai 39.627527, -84.177625.