GAP or Guaranteed Asset Protection is a voluntary non-insurance program that helps pay the difference between a vehicle’s actual cash value and your loan balance. It protects you in the event your vehicle is declared a total loss by your insurance company or stolen and not recovered.
You might say “I’ll never need that…I have a perfect driving record.” While that may be true, how comfortable are you with the rest of the people on the road? Are you as confident in their driving? The following is a real life example from one of our members who found himself in a circumstance beyond his control and shows how valuable GAP protection can be.
“I was driving into work as I do every day and stopped in traffic on the highway. I looked in my rearview mirror and saw an SUV coming at me at what was later deemed to be roughly 65 -70 mph and was not stopping. I attempted to turn my wheel to get into the other lane to avoid being hit but did not have enough time. The SUV struck my vehicle from behind sling-shotting me into the other lane across the highway. When I finally realized what had happened I drove what was left of my car into the breakdown lane and called the police. I was lucky I only had minor injuries from this accident but besides that I was able to have major peace-of-mind when it came to the financial impact of this accident. In calling my insurance company I realized they were going to only cover $20,000 of my remaining $23,000 loan that I had financed with the vehicle. This left me with $3,000 I would have had to continue to pay on for a vehicle that was totaled. This however was not the case thanks to my GAP and ADR coverage. GAP insurance quickly took action and paid off the remaining balance in full allowing me the ability to finance a new vehicle to replace the one that had been totaled. On top of that, my GAP Advantage kicked in with the new loan and paid $1,000.00 on the principal of my new loan. All I know is that I made sure my new loan had GAP, all of my future loans will have GAP, and anyone in my family that I know and love will have GAP Insurance on their car. I had my own car insurance but it would not have covered it all. This product is so worth the price and I hope it can give others the peace-of-mind I was able to get from it.”
Thankfully because our member purchased GAP insurance he was able to have peace of mind when he needed it most.
GAP insurance is a one-time fee of $449.00 that can either be rolled into your loan or can be paid out-of-pocket. With our GAP protection, ADR or Auto Deductible Reimbursement will pay up to $500.00 should you need to use your deductible. In addition, if you finance your new vehicle through Granite State Credit Union we will pay $1,000 towards the principal of the loan. This is a quick summary of the GAP insurance Granite State Credit Union provides. If you have any other questions on how GAP could benefit you please see any one of our branch specialists or call us at 1-800-645-GSCU (4728).