Protect your vehicle! with GAP Plus
GAP Plus - Guaranteed Auto Protection
Gap PLUS Coverage Helps Protect "Upside Down" Car Buyers
After a home, a new car is the largest purchase many of us ever make. With such a big part of your financial worth riding on four wheels, a totaled or stolen vehicle may break not only your heart; it could break your budget, too. As many drivers have learned only after it's too late, a standard auto insurance policy might not provide all the financial protection you need. If the value of your car is less than the balance of your auto loan, you're "upside down" on your loan, and there's a gap that isn't covered. That difference is what a special type of protection, called gap coverage, is designed to cover.
Example of how GAP PLUS works
• Amount you owe on your auto loan - $20,000
• Your car's book value at the time of loss - $15,000
• Your insurance deductible - $500
• Amount the insurance company pays you - $14,500
• Amount you still owe on your loan after insurance - The gap coverage - $5,500
• PLUS – additional reduction on your replacement vehicle loan when financed at ASECU within 90 days of your loss - $1,000
Do you need gap protection?
A car starts depreciating as soon as you buy it. To get some idea of the anticipated depreciation amount and potential GAP risk, please contact your Credit Union representative for more information. Call (330)792-4000 or visit any ASECU office.
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