Guaranteed Asset Protection (GAP)
In most circumstances, your vehicle is worth a lot less the second you drive it off the lot. Protect the investment made in your vehicle with GAP.
Guaranteed Asset Protection, or GAP, is a voluntary, non-insurance program offered as protection on a new or used vehicle that is financed through the credit union. It is a supplemental benefit that enhances, rather than replaces, your standard comprehensive, collision, or liability coverage. GAP waives the difference between your primary insurance carrier’s settlement and the payoff of your loan. In other words, it protects the “gap” between your vehicle’s value and the amount you still owe in the case it is damaged beyond repair or stolen and never recovered.
Depending on where you live, the established market value of your vehicle could be less than the actual balance you owe. In the event of a total loss or theft, GAP waives the difference between your primary insurance carrier insurance settlement and the payoff of your loan or lease, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. Included in the deficiency balance is the deductible up to $1,000.
As an added benefit, the GAP coverage you purchase through the credit union includes Auto Deductible Reimbursement. Auto Deductible Reimbursement pays up to ($500) per Loss (UNLIMITED losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title, registration or loan document, AND insured under an Auto Insurance Policy designating the Member as the Named Insured. Coverage is effective upon date of enrollment and will continue for 2 year(s) depending on the benefit period provided.
1400 Douglas Street - Mailstop 0040
Omaha, Nebraska 68179-1001
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Local: (402) 544-2500
Toll-Free: (800) 370-2260
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