Get Guaranteed Auto Protection (GAP)
The value your insurance company will place on your car may be substantially less than the amount you owe.
In the event that your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss, your insurance company pays the actual cash value of the vehicle at the time of loss — not what the vehicle is really worth to you!
You remain liable for the payment of the difference between your insurance company’s settlement and the balance of your loan.
This deficiency, added to the amount of your deductible, and other expenses, can easily be thousands of dollars — money that comes out of your pocket!
GAP protects you from substantial loss:
- You can ease the financial burden associated with the loss of your vehicle
- All risk protection for new and used vehicles
- Protection is provided for the term of your loan up to 84 months
- Protection is applicable for vehicles valued up to $100,000 at the time of purchase
- Benefits are paid up to $50,000
- Deductible coverage up to $1,000
- This peace of mind coverage is only a one-time cost of $350 and can be added to your loan
- Protection is effective with the execution of all documents
Be sure to ask for GAP Protection when you apply for your Thrive Credit Union vehicle loan online or call one of branch locations.