This could happen to you! You’re in an auto accident and total your vehicle. You call your insurance agent and he say’s “no problem you have full coverage insurance and we will send you a check for the value.” This is where your problem could start.
A check for the market value of your vehicle arrives and it is for $15,500 but the unpaid balance on your car is $19,850. You still owe $4,350 on your loan and you have no car. With GAP there would be a happy ending.
Guaranteed Auto Protection that will pay the difference between market value of your vehicle and the loan balance if your vehicle is a total loss due to an accident or theft. With GAP your remaining loan balance of $4,350 would be paid.
To make this happy ending possible, Bell Credit Union offers GAP coverage. You can purchase your GAP coverage on your next auto loan or on your current auto loan if it is less than 18 years old. GAP is available on either new and used vehicles for $400, regardless of the amount you financed or the length of your loan.
For more information about GAP Coverage please contact the Credit Union.
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