GAP is designed to protect members against financial loss in the event their vehicle is stolen or declared a total loss due to an insured peril.

 

GAP pays the difference between the primary auto insurance carrier's settlement and the Protected Balance. The Protected Balance is the payoff amount that is directly related to the purchase of the vehicle or the amount borrowed that is secured by the vehicle up to a maximum of $50,000.

 

Eligible vehicles are private passenger cars, vans, and light trucks.

 

Primary insurance deductibles are covered up to $1,000 if a GAP exists.

 

Coverage includes up to two skip-a-payments during the life of the loan.

 

Loss or damage is not covered if the vehicle has been repossessed by or placed in the possession of the Credit Union, its employees, or agents.