GAP PLUS INSURANCE WITH DEDUCTIBLE ASSISTANCE
Make your coverage count
Vehicle insurance that fills in the GAP
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Overview
Why Purchase GAP?
If something happens to your vehicle, normal insurance will cover it, right? Well, mostly right. Unfortunately, almost all car insurance only covers the value of your car itself, and not what you owe on your auto loan. If there’s a difference between the two, you could be out thousands of dollars.
Our Guaranteed Asset Protection (GAP) PLUS insurance can help you and your family with unexpected expenses. If your vehicle is stolen or totaled, it covers any “gap” between the two so your hard-earned assets stay protected.
Now with Deductible Assistance, you may also get relief when your vehicle is damaged, but not totaled. Get GAP PLUS today and drive with peace of mind.
Want to learn more? Take a look at the GAP PLUS brochure.
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Handle everything in one place: add on to any AFFCU vehicle loan
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Can cover motorcycles, boats, RVs, and regular vehicles
FREE Interactive Lesson
Shopping for Insurance
Some insurance is required and some is for your own peace of mind. Explore what things to consider when shopping for insurance and how to avoid bad deals.
FREE Interactive Lesson
Auto Loans
Explore how auto loans work through the AFFCU Financial Education Center. Review resources, options, and steps to help guide you through the process of selecting and buying a car.
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How Does it Work?
Protect your vehicle investment, not just its value.
You could lose more than your new or used vehicle if it is lost or stolen or involved in a major accident. You could lose your investment. Because most insurance policies only cover the value of your vehicle – something that rapidly declines during the first few years of ownership – your loan balance can be higher than the value of your vehicle.
Now you can protect your vehicle investment with Guaranteed Asset Protection (GAP) PLUS. GAP PLUS protects you from a potential loan deficiency and covers the “gap” between the value of your investment and the amount you still owe. When you add GAP PLUS, the difference may be covered to protect your investment and cover you from substantial loss.
.How does it work?
Here’s an example. Let’s say your car is stolen and not recovered until one year into your loan:
Original purchase price = $18,000
Loan balance after one year = $14,000
Vehicle’s value determine by insurance = $12,000
Less the deductible = $1,0001Insurance settlement amount = $11,000
Your lost investment without GAP PLUS = $3,000 – your remaining unpaid loan balance.
With GAP PLUS, you have the opportunity to protect yourself and your investment.
What does GAP PLUS cover?
GAP PLUS was designed for all drivers, whether you finance a new or used vehicle. It covers automobiles, vans and light trucks. GAP PLUS coverage goes into effect when you need it most – when your vehicle is stolen and isn’t recovered, or is totaled in an accident.
Deductible Assistance is designed to provide relief if your vehicle is damaged but not totaled. If auto repairs cost more than your deductible, the deductible amount is applied to your loan, reducing what you owe.
GAP PLUS may cover the difference between your primary insurance company Actual Cash Value determination and the payoff of your loan plus up to $1,000 of your insurance deductible 1. Delinquent payments, late charges, refundable service warranty contracts, other insurance-related products, and interest charged after the date of loss will be deducted from the GAP PLUS settlement.
For more details, visit any branch office or call 210-673-5610 or toll-free at 800-227-5328.
1 GAP PLUS and deductible reimbursement benefits are available in most, but not all states. Please consult your loan officer or representative for the availability of this important benefit.
Insurance Interactive Lesson
Explore what insurance is through the AFFCU Financial Education Center. Learn about the different types of policies, common costs, and processing claims.
How can we help you succeed?
- What would you like to borrow for?
- A home
- Sounds great. We offer Mortgage Loans at great prices, as well as refinancing options.
- A vehicle
- Cool! Are you looking for a regular car, or something a little more adventurous?
- Something adventurous
- Awesome! We have low rates and long terms for all kinds of exciting vehicles, including Boats, RVs, and Motorcycles.
- A regular car is fine with me
- Sounds good! We have low rates available for both new and used
Auto Loans. We can also Refinance your current loan with another institution.
- Sounds good! We have low rates available for both new and used
- Something adventurous
- Cool! Are you looking for a regular car, or something a little more adventurous?
- An education
- Right on! We have Student Loans available through our trusted partner, Sallie Mae.
- Something else
- Sounds good! Are you more interested in a lump sum or a line of credit?
- Lump sum
- Terrific! We offer Personal Loans for any need, including weddings, vacations, and debt consolidation.
- Line of credit
- Great! We think you’ll love our Redi-Credit option. It’s a flexible line of credit, where you’ll only pay interest on what you spend.
- Lump sum
- Sounds good! Are you more interested in a lump sum or a line of credit?
- I’m mostly interested in a credit card
- Sounds good! Be sure to check out our Platinum Credit Card. It’s one of the best deals around, and includes plentiful rewards.
- A home
- What would you like help with?
- Accessing my accounts
- Okay, how would you like to access your accounts?
- Online
- Ok! Is this is your first time using Online Banking?
- Yes
- Sounds good. You can enroll in Online Banking right here. You’ll need your social security number and AFFCU member number.
- No
- Great. To access your account, simply click “Login” in the upper right hand corner of the page.
- Yes
- Ok! Is this is your first time using Online Banking?
- On my mobile device
- Great! First make sure you’re enrolled in online banking. Then, download our free app for iPhone or Android.
- Online
- Okay, how would you like to access your accounts?
- Opening a checking account
- Great! We have several options available, so head over to our Compare Checking Accounts page to figure out which is right for you.
- Signing up for eStatements
- Cool! If you are already signed up for and using our online banking service, all you need to do is click on the eStatements tab (in the blue menu bar) to start enrolling.
- Running my small business
- Good for you! Our partner Newtek offers a variety of services to help you manage your small business, including payrolls services, payment processing, and web design.
- Getting insurance
- Perfect, we offer discounts on auto, home and life insurance through our partner, Trustage.
- Accessing my accounts
- What would you like to save for?
- The holidays
- Nice! We think you’ll love our Christmas Club account.
- I’d like to open a savings account for my child
- Great idea! We have several Youth Savings accounts available, depending on your child’s age.
- Something else – and I’d like to earn a good interest rate
- Do you have some money saved up already?
- Yes, quite a bit
- Nice! Are you okay with leaving your money untouched for a while?
- Sure
- Great! We think you might like one of our Share Certificates. You agree to leave your money untouched for a while in exchange for a higher interest rate.
- I’d prefer to make withdrawals when I need to.
- Sounds good. Check out our Elite Checking account or Money Market account. These accounts are a little more flexible, but still get you a higher rate.
- Sure
- Nice! Are you okay with leaving your money untouched for a while?
- Not much
- No worries. Once you open a Regular Savings account, you can open secondary accounts for whatever you need, including college, rainy day funds and more.
- Yes, quite a bit
- Do you have some money saved up already?
- I’d prefer just a basic savings account
- Ok! Our Regular Savings sounds just right for you. It also secures your AFFCU membership.
- The holidays