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GAP: Guaranteed Asset Protection
Guaranteed Asset Protection closes the gap between the amount of insurance coverage you have and the loan balance remaining on your vehicle. Unfortunately, unexpected situations can occur.
If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss, auto insurance will cover the replacement value. However, if there is a difference between the insurance settlement and the remaining loan balance, you are responsible for that difference. This deficiency can sometimes amount to thousands of dollars.
MEMBERíS CHOICEģ GAP Protection is an affordable way to fill the gap. For just a few dollars per month, members can protect themselves against this kind of unexpected expense. Get peace of mind with GAP protection.
Advantages to Members:
GAP - Guaranteed Asset Protection at a glance
How do I know if I need Guaranteed Asset Protection?
Ask yourself the following questions:
Answering yes to either question means your vehicle may not be completely protected. You could be responsible for paying the difference between your primary insurance settlement (vehicles cash value) and your loan balance in the event your vehicle is stolen, accidentally damaged beyond repair or declared a total loss. This could add up to thousands of dollars out of your pocket. With GAP protection, youíre covered. Plus, you get a 90-day free look which means you can cancel coverage within 90 days of your enrollment date and receive a full refund and no cancellation fee.
This coverage is available when you get a new loan with us or if you have a loan with us that you are currently paying on. For more information on Guaranteed Asset Protection, call us at 610-691-0041.
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