Guaranteed Asset Protection

GAP Insurance

How do I make a GAP insurance claim?

Call the Credit Union at (801) 973-0575

Visit Us

gap-insurance

Guaranteed Asset Protection

Accepting Guaranteed Asset Protection* (GAP) Insurance with your P&S Credit Union Auto Loan makes it worry free for you if your car is ever totaled or stolen.

Guaranteed Asset Protection (GAP) is valuable coverage offered to car buyers as part of the auto loan process. GAP is a coverage that pays the difference between the actual cash value (ACV) insurance company settlement and the eligible balance of the member's loan in the event the vehicle is stolen or damaged beyond repair. The policy is useful in helping to protect credit, cover losses your primary insurance may not and can be purchases on both new and used vehicles.

Example of How GAP Insurance Works:

Loan of Balance at time of loss:

$12,500

Value of Car at time of loss:

$10,000

Insurance Settlement:

$10,000

Deficiency Balance:

$  2,500

P&S Credit Union GAP Protection Pays:

$  2,500

You Owe:

$  $0

Without GAP coverage, you'd be liable for the $2,500 deficiency balance.

You have a 90 day free look period** for our GAP protection and if you’re not satisfied with the coverage, simply call and cancel!

GAP does not cover the following:

  • Late charges or other fees added after the loan's inception
  • The cost of the GAP waiver

Get a free quote on GAP Insurance today!
Please email memberservices@pandscu.org, call the credit union at: (801) 973-0575, or visit our office.

*Guaranteed Asset Protection (GAP) is not intended to replace your automobile insurance. It does not provide bodily injury, property damage, liability, or collision insurance and does not comply with any financial responsibility or any other law mandating motor vehicle insurance. All new or used motor vehicles with a maximum loan of $100,000 are eligible. Benefit coverage limits up to $50,000 with a loan term up to 84 months. Maximum loan to value paid on claim is 125%. (1)The replacement vehicle must be financed within 60 days of the date your primary insurance company pays the claim on a total loss. (2) Where allowed by state law. The credit union makes loans and extends credit without regard to race, color, religion, national origin, sex, handicap or familial status. Restrictions and conditions may apply.

**90 day free look period is available to those who select Refundable GAP Insurance services.