2 min read
Gap insurance covers the cost of your car if you try to jump it over a canyon or ravine but come up short. Kidding! What it really means is Guaranteed Asset Protection.
How the heck does gap insurance work?
If your car is ever stolen or totaled, gap insurance covers the difference between what your car is currently worth and the amount you owe on it. Most folks add gap insurance to their policy because the moment you drive a new car off the lot, its value starts to tank—within a year, most cars are worth less than 20 percent of what you paid for it.
Get a refund on gap insurance
You can also get a refund on your gap insurance—either pay by month or as a lump sum. If you choose to fork out all the moolah upfront, a refund could be in your future only if you pay off your loan early, sell your car, switch insurance companies, or cancel the policy. For monthly payments, refunds depend on how early in the month you cancel the policy.
To request a refund, contact your insurance company and spill the beans about your situation. They'll most likely want documentation for bill of sale or loan payoff.
The gaps of gap insurance
Not all insurance providers offer refunds for gap insurance. Also, some may have a term requirement before you're eligible. Plus, a cancellation or administrative fee could take a little off the top of your refund amount.
If you paid off your car early and are thinking of selling it with Peddle, give your provider a shout to see if you're eligible for a gap insurance refund.
Over 146k five-star reviews
Brian
Super easy to work with! Got way more value for my car than anyone else would offer. The online process was simple to use. The person picking up the car was professional and straightforward. Pleased with my experience! Definitely recommend.
Shanae
I've used them twice to get rid of cars either not running or not in good shape. Fair offer, you know just what you're getting. And you don't have to worry about a bunch of spam calls or waiting on competing offers like you do other places. The company partner contacted me same day and were very quick to schedule.
Adam
What a great experience! Very easy. Sad to see my car dead on the side of the road, but Peddle made everything smooth: I did the online quote, they sent a truck out the next day, and I was paid immediately. Thank you, Peddle!
Larry
Was very skeptical at first. But after using Peddle I can't believe what an amazing experience. They went above and beyond anything I could have imagined. I now sing the praises of this website to everyone I know. Thanks again for such an incredible process from start to finish. You have certainly raise the bar.
Mike
Selling my old junk car couldn't have been easier than what this was. A couple of clicks on the keyboard one or two phone calls between transport and was done!!! Happy with the price I got, trade in prices were much lower than what I got from peddle. If there is a need to use this service again I will gladly do it!!
Kevin
Peddle made the process to sell my 2007 Honda Fit super easy. Received a quote within minutes of submitting my information and their price was significantly higher than others. Their local pick-up partner was also responsive and worked with me on what could have been a logistical nightmare. Highly Recommend.
Emiliy
Awesome experience! I was apprehensive at first because everything seemed too simple. I answered a few questions, received a quote and scheduled pick up. Communication is excellent. The pick-up driver was very professional and knowledgeable. I got $685 for my 2004 Lexus ES
Laura
This has been the easiest way to take care of my car after the engine broke. They were fast, smooth, convenient and professional. Everything from scheduling to pick up to the offer and payment was a breeze. Will definitely recommend
Timothy
My mother's 2003 Nissan Xterra had a broken timing belt and was too old to consider such a costly repair. We just needed to get rid of it. Peddle was hassle-free, very responsive, and gave us same-day service with a great offer!
Julia
This was such a quick and easy service to use! I cleaned my things out of the vehicle and it was ready to be picked up. I went online last night, it was towed this afternoon. My tow driver Will, is awesome!! Thank you so much, I definitely thought this was going to be a hassle and it couldn't have been more simple!
Kelley
Peddle gave me the best offer of the four companies I contacted. The tow people (a really nice couple!) showed up as scheduled, handed over the check and towed away my terminal old Camry. I really nice experience and I would recommend Peddle wholeheartedly.
Charles
Very easy and fast process. Peddle offered me significantly more than other companies. In less than 24-hrs from clicking the "Accept Offer" button, my 2015 Toyota Highlander was picked up and check in hand. Could not have gone any better. Highly recommend!
Brian
Super easy to work with! Got way more value for my car than anyone else would offer. The online process was simple to use. The person picking up the car was professional and straightforward. Pleased with my experience! Definitely recommend.
Shanae
I've used them twice to get rid of cars either not running or not in good shape. Fair offer, you know just what you're getting. And you don't have to worry about a bunch of spam calls or waiting on competing offers like you do other places. The company partner contacted me same day and were very quick to schedule.
Adam
What a great experience! Very easy. Sad to see my car dead on the side of the road, but Peddle made everything smooth: I did the online quote, they sent a truck out the next day, and I was paid immediately. Thank you, Peddle!
Larry
Was very skeptical at first. But after using Peddle I can't believe what an amazing experience. They went above and beyond anything I could have imagined. I now sing the praises of this website to everyone I know. Thanks again for such an incredible process from start to finish. You have certainly raise the bar.
Mike
Selling my old junk car couldn't have been easier than what this was. A couple of clicks on the keyboard one or two phone calls between transport and was done!!! Happy with the price I got, trade in prices were much lower than what I got from peddle. If there is a need to use this service again I will gladly do it!!
Kevin
Peddle made the process to sell my 2007 Honda Fit super easy. Received a quote within minutes of submitting my information and their price was significantly higher than others. Their local pick-up partner was also responsive and worked with me on what could have been a logistical nightmare. Highly Recommend.
Emiliy
Awesome experience! I was apprehensive at first because everything seemed too simple. I answered a few questions, received a quote and scheduled pick up. Communication is excellent. The pick-up driver was very professional and knowledgeable. I got $685 for my 2004 Lexus ES
Laura
This has been the easiest way to take care of my car after the engine broke. They were fast, smooth, convenient and professional. Everything from scheduling to pick up to the offer and payment was a breeze. Will definitely recommend
Timothy
My mother's 2003 Nissan Xterra had a broken timing belt and was too old to consider such a costly repair. We just needed to get rid of it. Peddle was hassle-free, very responsive, and gave us same-day service with a great offer!
Julia
This was such a quick and easy service to use! I cleaned my things out of the vehicle and it was ready to be picked up. I went online last night, it was towed this afternoon. My tow driver Will, is awesome!! Thank you so much, I definitely thought this was going to be a hassle and it couldn't have been more simple!
Kelley
Peddle gave me the best offer of the four companies I contacted. The tow people (a really nice couple!) showed up as scheduled, handed over the check and towed away my terminal old Camry. I really nice experience and I would recommend Peddle wholeheartedly.
Charles
Very easy and fast process. Peddle offered me significantly more than other companies. In less than 24-hrs from clicking the "Accept Offer" button, my 2015 Toyota Highlander was picked up and check in hand. Could not have gone any better. Highly recommend!
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