Covers the difference or “gap” between what you owe on your auto loan and its current market value. So, if you’re ever in an accident and the insurance company determines the vehicle is a total loss, GAP insurance can pay the difference between your settlement and what you owe on your vehicle.
At some point in life, we all have the need to borrow money. An unexpected total disability or death can affect any household’s income level and change a family’s standard of living in an instant, making household financial commitments difficult to meet. Struggling to make loan payments on a reduced or lost income is another heavy burden your family shouldn’t have to bear. Credit Life and Credit Disability insurance helps conserve your family’s saving and allows them to use other insurance funds to meet day to day living expenses, preserving the standard of living you worked so hard to achieve. When you take a consumer loan with the Credit Union, you have the option of obtaining Credit Life/Disability Insurance through CUNA Mutual Insurance Society to protect you and your loved ones should a tragic event occur.
CREDIT LIFE—Designed to pay off or reduce the eligible loan balance in the event of member’s death.
CREDIT DISABILITY—May make loan payment(s) up to policy maximum in the event of total disability caused by covered injury or illness.
Mechanical Breakdown Protection (MBP)
Coverage for auto repairs occurring after the Manufacturer’s Warranty on your New or Used vehicle has expired. You can save hundreds of dollars over Dealer Service Contracts. Statistics show that the big repair bills can come after the manufacturer’s warranty has expired. Plus, MBP has additional benefits not provided by many factory warranties including: roadside assistance, towing, rental, travel, and tire road hazard benefits even during the manufacturer’s warranty period.