Protect Your Vehicle Investment with GAP Insurance
GAP (Guaranteed Asset Protection) helps protect you from financial loss if your vehicle is totaled or stolen. In the event of a total loss, your auto insurance provider will typically pay only the vehicle’s current market value—which may be less than what you still owe on your loan. GAP Insurance covers the difference between your loan balance and the insurance payout, up to 150% Loan-to-Value (LTV).
GAP Insurance is offered during the auto loan process. To learn more or add GAP Insurance to your upcoming or existing loan, call us at (248) 263-4100. Our team will be happy to walk you through the details and help you decide if GAP Insurance is right for you.
Why Do I Need GAP Insurance?
Protect Your Finances: Vehicles depreciate quickly. If you owe more on your loan than your insurance company will pay after a total loss, GAP Insurance steps in to cover the remaining balance.
Cover Theft & Total Loss: Whether your car is declared a total loss or goes unrecovered after theft, GAP Insurance can help you avoid owing money on a vehicle you can no longer use.
Deductible Assistance: GAP may pay up to $1,000 of your deductible if there’s still a “gap” after your insurance company’s payout.
Added Member Benefits: A $1,000 credit toward the next vehicle you finance through People Driven Credit Union, plus unlimited auto deductible claims for up to five years, with up to $500 per claim for any vehicle you own and insure.
How Much Does GAP Insurance Cost?
GAP is available for a one-time fee of $575. You can choose to:
- Roll this amount into your auto loan
- Pay it upfront in cash
How to Get GAP Insurance
GAP Insurance is offered during the auto loan process. To learn more or add GAP Insurance to your upcoming or existing loan, call us at (248) 263-4100. Our team will be happy to walk you through the details and help you decide if GAP Insurance is right for you.
