LISEFCU GAP (Guaranteed Asset Protection)
There could be a big difference between what your insurance will pay and what you owe on a loan.
- If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference, the "gap" between your insurer's settlement and your loan balance. GAP provides security for financial loss and includes:
- Protection for the term of your loan up to 84 months
- coverage for vehicles valued up to $100,000 at time of purchase
- Payment of benefits up to $50,000
- coverage for auto insurance deductibles as part of the GAP claim sellement up to $1,000 and where allowed by law.
- Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles.
- Refundable feature, fully refundable if you cancel within the first 60 days, partially refundable anytime thereafter.
- Low cost protection for high cost losses.
