GAP insurance is associated with a specific auto loan. It can’t be transferred or reassigned to another loan, even one that covers the same vehicle. When you refinance, your loan is paid off and your GAP coverage ends. Typically a prorated refund is issued from the provider for the remaining GAP insurance term. For peace of mind, and to ensure you are protected from a large deficient balance should a total loss event occur, you’ll want to purchase a new policy.