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GAP Advantage Program
Guaranteed Asset Protection (GAP) can save you thousands if your vehicle is stolen or totaled in an accident.
If your vehicle is stolen or declared a total loss in an accident, most insurance companies will only reimburse you for its cash value. If you're still making payments on your vehicle and the outstanding balance of your loan exceeds its cash value, you'll be responsible for covering the difference, which can amount to thousands of dollars.
GAP insurance can help by waiving all or part of your remaining loan balance. In some states, GAP coverage may even extend to a portion of your deductible. However, this is subject to certain limitations and exclusions, including a maximum loan-to-value ratio. This ratio compares the original amount you financed to your vehicle's value at the time of the loan. GAP will waive only the portion of your remaining loan balance that falls below this maximum loan-to-value ratio.
Additionally, purchasing GAP comes with the Auto Advantage Program, a valuable benefit that reimburses your auto deductible up to $500 per loss. Plus, it allows for an unlimited number of losses per year for three years on any car you own and insure.*
*Auto deductible reimbursement pays up to five hundred dollars ($500) per loss (unlimited losses per year) when a loss is file and paid by the auto insurance company for a covered automobile the member owns or leases evidenced by the title, registration or loan document AND insured under an auto insurance policy designating the member as named insured. Loss means an event for which the auto insurance company has approved and paid a collision or comprehensive claim which exceeds the auto insurance policy deductible for the covered auto. Coverage is effective upon date of enrollment and will continue for three (3) years. For additional details contact a representative or call 859.264.4200. For full disclosures and details click here.
UKFCU's GAP Advantage Program offers peace of mind in the event of a loss.
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