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GAP Insurance

Now you can protect yourself if your car is totaled.

The value your insurance company will place on your car, if it is declared a total loss, may be substantially less than the amount you owe. You remain liable for payment of the difference between your insurance company's settlement and the balance of your loan.

Why take chances with your investment? GAP Insurance is a low cost plan that will pay the difference between the balance of your loan and the amount that your insurance company settles for in the event that your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss.

Example: Your loan balance is $10,000 (amount you owe). The retail value of your vehicle is $7,500 (amount insurance company is likely to pay). The difference of $2,500 would be your responsibility to repay. This $2,500 would be covered under GAP Insurance, putting you in a better position to purchase your next vehicle.

Benefits of GAP Insurance:

  • Security ease the financial burden associated with the loss of your vehicle
  • Protection both vehicle and credit rating are protected
  • Peace of mind for a few dollars a month, you are assured your worries about financial loss are minimized.

Features of GAP Insurance:

  • Low one time cost of $299.00, which may be added into your loan or purchased during your loan
  • Will cover your auto insurance deductible up to $500 in addition to the deficiency
  • Protection for both new and used vehicles
  • Protection is provided for the life of the loan
  • Protects vehicles valued up to $100,000
  • Pays benefits up to $50,000

Loan Protection Calculator

 
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Champaign, IL 61824-0500

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