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Think you're fully covered if your vehicle is stolen or totalled in an accident?....Think again!
During the first first few years that you own your vehicle, your loan balance can be higher than the actual value of your vehicle as a result of depreciation, resulting in a financial gap between what you owe and what the car is actually worth at that time. In the event your vehicle is deemed a total loss due to an accident or theft, your auto insurance will usually only cover the actual cash value or market value of your vehicle (less your deductible). This leaves you personally responsible for the difference between what you owe and the current market value of the vehicle - which could mean thousands of dollars out of your pocket.
Guaranteed Auto Protection protects individuals who finance a new or used vehicle who find themselves in situations like this. GAP insurance is a loan deficiency waiver that covers the difference between the actual cash value of your vehicle and the loan balance.
There are so many things to consider when purchasing a vehicle. The last thing you want to worry about is experiencing a total loss in an accident or even a theft. The fact of the matter is it does happen. Statistics show that:
- The average new car will lose 60% of its value after three years of normal driving
- One vehicle is stolen in the United States every 24 seconds
- 18% of vehicles involved in an accident are a total loss
- Insurance companies report that every year ½ million vehicles are written off as a total loss
GAP can be purchased for:
- New and used vehicles
- Campers/Travel Trailers/Motor Homes
GAP can be financed in the loan amount when the loan is booked or paid out of pocket.
PLUS, with GAP coverage from Georgia Power Northwest Federal Credit Union, you also receive Auto Deductible Reimbursement (ADR). ADR pays up to $500 per loss (limit of two losses per year), for up to five years, when a claim is filed and paid with your primary insurance carrier.
Certain exclusions apply. Speak with a credit union loan officer for more information.
Guaranteed Autp Protection is a loan/lease deficiency waver and is not offered as insurance coverage. The purchase of Guaranteed Auto Protection is voluntary and cannot be required as a condition of credit approval. This webpage is not a contract. For a complete list of benefits and rules, please refer to your GAP Waiver Agreement.
NCUA - Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. Equal Housing Lender - We do business in accordance with the Fair Housing Law and Equal Credit Opportunity Act.
This site provides information about and access to financial services offered by Georgia Power Northwest Federal Credit Union. Georgia Power Northwest Federal Credit Union does not provide, endorse, nor guarantee and is not liable for third party products, services, educational tools, or other information available through this site. For more information, read additional important disclosures.
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