Guaranteed Auto Protection is inexpensive and can be included as a small addition to your monthly payment.
Protect your Vehicle Investment, Not Just Its Value.
You could lose more than your vehicle, boat, motorcycle, or RV if it is stolen or involved in a major accident. You could lose your investment. Because most insurance policies only cover the value of your vehicle -- something that rapidly declines during the first few years of ownership -- your loan or lease balance could be higher than the value of your vehicle.
Now you can protect your vehicle, boat, motorcycle, or RV investment with Guaranteed Asset protection (GAP). GAP is a non-insurance product and is made available via a loan/lease deficiency waiver that covers the "gap" between the vehicle's value and the amount you still owe. Essentially, GAP protects you and your entire investment from substantial loss.
What Does GAP Protect?
GAP was designed for all drivers, whether you finance or lease a new or used vehicle. It covers automobiles, vans, light trucks, motorcycles, boats, travel trailers, motor homes, golf carts, jet skis, snowmobiles and almost any other vehicle.* GAP coverage goes into effect when you need it most -- when your vehicle is stolen and isn't recovered, or is totaled in an accident and can't be repaired.
GAP covers the difference between your primary carrier insurance settlement and the payoff of your loan or lease, less delinquent payments, late charges, refundable service warranty contracts, and other insurance related charges. Included in this difference is your insurance deductible, up to $1,000.
The GAP Advantage
The following is a typical example of how GAP advantage comes through for you:
| Original purchase price |
$25,000 |
| Loan balance after one year |
$20,000 |
| Insurance settlement covering vehicle's current value |
$16,000 |
Your lost investment without GAP:
| Your remaining unpaid loan balance (the "gap") Including your deductible, up to $1,000)** |
$4,000 |
GAP pays the following toward the financing or leasing of a replacement vehicle:
| GAP waives the difference |
$4,000 |
| GAP Advantage also provides you with the following toward the financing/lease of a replacement vehicle when financed with GFCU |
$1,000 |
| Total GAP Advantage Benefit |
$5,000 |
Auto Advantage Program
As a Thank You for purchasing GAP Vehicle Insurance, you will receive the Auto Advantage Program:
Auto Deductible Reimbursement
Pays up to $500 per loss (UNLIMITED losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title or registration, AND insures under an Auto Insurance Policy designating the Member as the Named Insured.
Personal ID Restoration Consulting
With Personal ID Restoration Consulting, you now have the peace of mind of knowing that a professional is standing ready to help restore your good name if identity theft strikes.
WARRANTY VAULT
Help protect your purchases...The Warranty Vault make is quick and convenient! The online storage and organizing service that helps you take full advantage of your consumer product warranties while you are a member of the Auto Advantage Program.
This summary is a brief overview of the program and is not considered a full disclosure of policy terms. Please click below and refer to the Terms and Conditions for complete forms, conditions, limitations, definitions and exclusions.
Auto Advantage - Learn More
Extended Warranty Coverage
Protect your investment from costly mechanical breakdowns with an extended service contract that gives you all the benefits and options you want at an affordable price. Route 66 Warranty has a complete line of coverage designed to keep your vehicle on the road. Even the most reliable vehicle can develop a mechanical problem; that's why so many people depend on Route 66 Warranty. No matter where you travel in the United States you are protected against major mechanical expenses, & there is no deductible on covered parts or labor. All plans come with 24 hour/7 days a week Emergency Roadside Service.
Extended Warranty FAQ
CARFAX Vehicle History Report
This report offers salvage or flood history, total loss events, frame damage, accidents reported to CARFAX, mileage accuracy, number of owners, lemon/manufacturer buybacks, recalls/major repairs, safety and reliability.
Why did I receive a notice about providing proof of insurance?
Your loan agreement with Gerber Federal Credit Union requires you to maintain full coverage insurance on the collateral pledged for the amount and the term of the loan. Collateral could be your vehicle, marine, house or recreational vehicle.
We require that you provide us evidence that you have obtained acceptable insurance coverage as outlined in the loan agreement. If you have received a notice or phone call concerning the insurance coverage on the collateral pledged with Gerber Federal Credit Union, our records indicate that we need an update of this evidence.
Update Your Info Now!