#DidYouKnow? GAP Insurance

What is GAP Insurance?

GAP insurance, or Guaranteed Asset Protection insurance, plays a crucial role in shielding you from potential financial setbacks. It covers the difference between the actual cash value of your vehicle and the outstanding loan balance in the event of theft or severe damage beyond repair.

How Does It Work?

Let’s say you finance a vehicle for $20,000, and an unfortunate accident occurs six months later. Your auto insurance may leave you with a significant amount to pay. With GAP Insurance, the coverage bridges the gap between the insurance settlement and the remaining loan balance.

A Real-Life Success Story

An Achieve CU member recently took advantage of the GAP Insurance option. The member had financed a vehicle for just over $13,000 and the member's insurance payout of $9,200 following an accident left a considerable gap. GAP Insurance covered over $2,500 of the outstanding balance, significantly reducing their financial burden. Additionally, the member received deductible reimbursement and an extra $1,000 due to timely financing within the credit union.

Why Choose GAP Insurance with Achieve?

Achieve Credit Union's GAP Insurance offers more than financial assistance; it provides peace of mind. Protect yourself from unexpected financial challenges, allowing you to focus on your goals with confidence.

How to Secure Your Financial Future

Securing your financial future with GAP Insurance is straightforward:

1. Visit an Achieve Branch: Our friendly staff will personally guide you through the enrollment process.

2. Call Us: Discuss your options over the phone with our dedicated staff.

Achieve Credit Union's GAP Insurance is a valuable tool to shield yourself from unforeseen financial burdens. Bridging the gap between an insurance claim settlement and the outstanding loan balance, it ensures you won't face a financial predicament after an accident or theft.

Life can be unpredictable, but with Achieve CU’s GAP Insurance, you can confidently navigate any financial challenge that comes your way. Safeguard your financial future today and pursue your dreams without worries!

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About the Author

Nick Hurst

Nick has served as the Marketing & Community Relations Specialist for Achieve Credit Union since 2022. Nick considers credit unions to be valuable resources for local communities. He works to ensure Achieve Credit Union is heavily involved in local events and organizations.

Fun fact: Nick has a lot of side hustles. He is a trivia host in Amherst. He also announces sporting events on the radio.