GAP Insurance
You could lose more than your vehicle if it is stolen or involved in a major accident - you could lose your investment. Most insurance policies only cover the value of your vehicle - something that rapidly declines during the first few years of ownership - which means your loan or lease balance could be higher than the value of your vehicle. Guaranteed Auto Protection (GAP) covers the difference in the balance on a car and its declared value (as determined by your insurance carrier) in the event that it is damaged beyond repair or stolen and never recovered.
Here’s a scenario of how GAP Insurance could work
- Loan balance after one year $15,000
- Value of car after one year $10,000
- Insurance settlement $10,000
- Deficiency balance $ 5,000
- GAP pays $ 5,000
- You owe $0
Without GAP coverage, you'd be responsible for the $5,000 deficiency balance. Do the numbers to see if GAP is right for you or get a quote on GAP Insurance today.
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for Gap Insurance
Insurance products are not deposits of PFCU and are not protected by the NCUA. They are not an obligation of or guaranteed by the Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by the Credit Union need not be purchased from the Credit Union and may be purchased from an agent or insurance company of the member's choice. PFCU Insurance Services, LLC is a subsidiary of the Philadelphia Federal Credit Union. Business conducted with PFCU Insurance Services, LLC is separate and distinct from any business conducted with the Credit Union.