Guaranteed Auto Protection (GAP) Coverage
The last thing you want to think about is a total loss on your new vehicle… but you should.
GAP is Total Loss Protection… and then some
The moment you drive your vehicle off of the lot, it depreciates about 20% on average. And you can count on roughly a 15% decline in value each year for the next four years.
If your vehicle is stolen or damaged and deemed a total loss, you are responsible to pay the difference between what you owe and what your insurance company says your vehicle is worth. GAP can help cover the difference and potentially save you thousands of dollars.
|Your loan payoff:||$20,000|
|Vehicle value determined by primary insurance:||– $16,000|
|Primary insurance deductible:||– $500|
|Your responsibility without GAP:||$4,500|
|GAP will cover:||$4,500|
|You owe after GAP*:||$0|
Getting protection in the event of a total loss is easy!
Most types of vehicles are eligible, and you can generally include GAP coverage in your vehicle loan payment.
Call the Loan Department at 440-960-LOAN for more details.
Not NCUA Insured – May Lose Value – Not A Deposit – Not Credit Union Guaranteed – Not Insured by Any Federal Government Agency
*Subject to certain exclusions and benefit limitations. Refer to your GAP Addendum or Certificate for all terms and conditions.