about gAP

Protect Against a Deficiency Balance

If a vehicle is totaled or stolen, the primary insurance policy will usually cover only the depreciated value of the vehicle. Likely, for loans with a high LTV ratio, the insurance settlement will not cover the vehicle’s entire loan payoff – creating what can be a significant balance or “GAP” – and your member is responsible for paying the difference.

two hands protecting a toy car
happy child giving thumbs up in a car seat
about gap

We Will Cover the GAP

Guaranteed asset protection (GAP) is a deficiency balance waiver designed to eliminate your members’ unpaid net balance in the event that their vehicle is stolen or damaged beyond repair. GAP relieves your member of the responsibility for the deficiency balance not covered by the primary insurance policy, subject to program terms.

Advantages of GAP Include:

Flexible Coverage

options can be tailored to meet your members’ specific needs.

Increase fee income

GAP sales provide a great source of fee income.

Cover your collateral

Cover many types of collateral, including passenger automobiles, trucks, motorcycles, ATVs, watercraft, and recreational vehicles.

Easy administration

Administration is easy through your choice of enrollment and reporting methods.

LTV ratio

125% and 150% covers the insurance deductible.

Multiple deductible

Coverage options for $500 and $1,000 deductibles.

Vehicle replacement

If your member totals their vehicle and it was financed through your credit union, we will pay $1,000 towards their loan.


Skipping a loan payment can be an easy and convenient way to give your members a little extra cash.

Flexible terms

96 months or more.