Keep your most valuable assets covered.
CCU gives you the insurance options you need to protect the investments that you value most.
This product helps members bridge the "gap" between the amount they owe and the amount the insurance company pays if a vehicle is stolen or totaled.
Eligible vehicles include:
- Automobiles (including light trucks and vans)
- Motorcycles
- Snowmobiles
- ATVs
- Recreational Vehicles
- Watercraft (including jet skis)
The benefit amount is calculated as the difference between the actual cash or market value of the vehicle (as established by the member's insurance company) and the loan or lease pay-off amount. It includes the member's insurance deductible up to $1,000.00. GAP Plus also pays a $1,000.00 credit toward the purchase of a replacement vehicle financed at the credit union. This product also includes a feature called Auto Deductible Reimbursement (ADR) which pays up to $500.00 per loss (unlimited losses per year for up to three years) when a loss is filed and paid by the auto insurance company for a covered auto the member owns or leases, evidenced by the title or registration. The fee for a GAP contract can be conveniently added to the member's loan contract. Ask a Loan Officer for full details.
