Magnify Credit Union

GAP Coverage

GAP Coverage

The Basics

Most cars depreciate by thousands of dollars as soon as they are purchased. Unfortunately, if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference, or the "gap," between your insurer's settlement and your loan balance. That gap will come out of your pocket for a vehicle that, for all practical purpose, no longer exists.

So what is GAP Insurance?

Guaranteed Asset Protection (GAP) helps cover the difference between your primary insurer's settlement and the loan balance on items directly related to the purchase of the vehicle. MEMBER'S CHOICE® GAP provides coverage for this potentially high-cost difference. GAP can save you from making loan payments on a vehicle that you no longer have!

  • Only a few dollars a month - $395 total (most dealerships charge $495-$795)
  • Can be included with your loan payment
  • Fully refundable if cancelled within the first 90 days

Contact us for more information on Guaranteed Asset Protection.