Insurance that bridges the GAP
You purchased a vehicle and insured it, but you've been in an accident or the car has been stolen and the vehicle is worth less than you still owe on your loan. You can protect yourself from this problem with GAP Plus from San Mateo Credit Union.
What is GAP Plus insurance?
GAP stands for Guaranteed Asset Protection, which is an optional form of insurance coverage that can be added to your current auto insurance policy. If your vehicle is considered a total loss, GAP coverage pays the difference between what your regular auto policy pays and what you still owe on your loan.
Imagine that you took out a car loan for $20,000 and you had only paid back $5,000 when your car was totaled. Would you want to keep paying the remaining $15,000 for a car that is completely wrecked? Probably not. With GAP Plus, that remaining $15,000 would be paid off for you, by the insurance company.
And, GAP Plus may cancel part of your next loan with your credit union, when you purchase a replacement vehicle.
Let's fill the GAP
GAP Plus may be a wise choice for you. Find out more by calling SMCU at (650) 363-1725 or drop by your nearest California branch