Guaranteed Asset Protection
In the event your vehicle is totaled in an accident or stolen and not recovered, your auto insurance policy will only cover the actual cash value or market value of your vehicle, not the outstanding loan balance. This settlement could be significantly less than the amount you owe to your lender or leasing company. The final result is a financial “GAP” where you must make up the difference, which could mean thousands of dollars out of your pocket.
Guaranteed Asset Protection, or GAP, covers the difference between the actual cash value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts, and other insurance-related charges.
Credit Life and Disability
Our optional Credit Life and Disability insurance may cover you in the event you are injured or ill and unable to attend work while under a doctor’s care. In the event of your death, Credit Life pays the remaining loan balance. Credit Life and Disability helps maintain your standard of living, protects collateral, and protects the credit rating of a co-borrower.
Disclosure
Insurance and Warranty products are not products of the Credit Union; and are not obligations of or guaranteed by the Credit Union. Insurance or warranties may be purchased from an agent or an insurance company of the Member’s choice; and Credit Union makes no representations as to the services of any provider.