Have peace of mind with Guaranteed Asset Protection (GAP)
Did you know that once you drive the car off the lot, it immediately loses value? Put your mind at ease with GAP Coverage. This insurance product covers you for the value of your loan, even if the value of the vehicle isn’t there. The maximum benefit is $50,000. For example, if you buy a car for $25,000 and it’s deemed a total loss and your insurance coverage only pays $20,000 then you’re left over with a balance on your loan of $5,000. This $5,000 will be covered under the GAP coverage. Please read through your GAP Coverage information and policy documents for full details. This is only an example and not intended to quote or confirm coverage.
If your vehicle is deemed a total loss due to an accident or stolen, there can be a significant gap between what you owe on your loan and what your auto insurance will cover. GAP may reduce or even eliminate that shortfall in the event your vehicle is deemed a total loss. GAP Plus helps you get into your next vehicle by reducing your next loan at the credit union by $1,000.00
GAP with Deductible Assistance is designed to provide financial relief when your vehicle is damaged, but not deemed a total loss. If auto repairs cost more than your deductible, the deductible amount is applied to your loan, reducing what you owe.
GAP Plus with Deductible Assistance—essential financial protection on your vehicle loan that helps you drive with confidence. Talk to us today about how we can help protect you from sudden out-of-pocket expenses.
How do I pay for the coverage?
There is a one-time cost and can be paid in full or divided equally in your loan payment.
What can be covered?
Motor Vehicles, Powersports, Watercraft, and RV’s.
Restrictions may apply. See coverage for full details.
Disclaimer: This page is intended to describe examples of coverage that Skyline Financial Federal Credit Union can offer, not all loans have these described coverages, nor does this page guarantee any coverage to your Skyline Financial Federal Credit Union loan. If you would like to speak about GAP coverages, please call 203-755-2030 and ask for a loan officer. Coverages must be purchased at the time of closing your loan. You should review your coverage information that is provided at the time of closing your loan for your specific coverage details.