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GAP Total Loss Protection

Did You Know?

  • One in three Americans suffers the total loss of a vehicle at some point in their lifetime.
  • One in twenty drivers experiences an unrecovered theft.
  • Vehicles begin losing value as soon as they are purchased.

What is GAP?

Since vehicles depreciate in value, it's not uncommon for an outstanding loan balance to be higher than a vehicle's actual cash value, especially during the first few years of ownership. In the event that your vehicle is totaled in an accident or stolen, your insurance company will only pay for the present market value of your vehicle. If this amount turned out to be less than the balance of your loan, you would be responsible for the difference out of your own pocket. GAP Total Loss Protection will help cover the difference or “gap” needed to pay off your loan, as well as the deductible.

The benefits:

  • GAP helps to protect your investment by covering the "gap" between what you owe and the amount your insurance company will cover.*
  • Your insurance deductible is also covered, up to $1,000, as part of the GAP deficiency balance.
  • Included with GAP is Auto Deductible Reimbursement (ADR) for 2 years. ADR will pay up to $500 toward your vehicle's deductible for any claim filed and paid through your insurance company (up to 2 losses per year). This ADR coverage extends to any additional vehicles you own and insure for no additional cost.
  • GAP is inexpensive – only $389.
  • Your monthly loan payment stays the same (the one-time cost of GAP is added to your loan and the length of your loan is simply extended).

You may only add GAP to your loan for a limited time, so make sure your vehicle is protected! Enroll Now!

For more details, contact us at 800.873.5100 or loans@ibmsecu.org.

 
*GAP coverage is limited to 125% of the MSRP on new vehicles or 125% of NADA Retail value on used vehicles. Skip-A-Payment program usage, loan extensions, or delinquent payments may impact loan amortization and GAP coverage.

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