Spirit of Alaska Federal Credit Union :: GAP Privacy Statement

Spirit of Alaska Federal Credit Union :: GAP Insurance
Guaranteed Automobile Protection
Definition and Summary of Benefits

Close Window

What is GAP? Guaranteed Automobile Protection (GAP) Spirit of Alaska Federal Credit Union offers members purchasing a new or used vehicle, travel trailers, motor homes, boats, ATV's, Snowmachines and personal water crafts the opportunity to purchase Guaranteed Automobile Protection (GAP) coverage at very reasonable prices. In the event your collateral is a total lost due to an accident or theft, you could be a tough financial bind. Your actual insurance policy often times only covers the market or cash value of the vehicle at the time of the loss. Unfortunately, the amount you owe on the loan, plus any deductible on your insurance policy, may be more than your insurance settlement. This difference, or gap, could possibly cost you thousands of dollars. Here is an example of how Guaranteed Automobile Protection (GAP) works:

Loan amount:	$20,000
Insurance Deductible:	$ 500
Insurance Settlement:	$18,000
GAP* Benefit/Unpaid Net Balance:	$ 2,500

*This could be the out-of-pocket amount you would pay if your vehicle is stolen or damaged beyond repair without GAP Protection.

GAP Protection Features and Benefits:

Protects new or used vehicles, travel trailers, motor homes, boats, ATV's, snowmachines and personal water crafts
For vehicles and recreational collateral, protects collateral financed up to 72 months
For travel trailers and motor homes, protects collateral financed up to 180 months
Protects collateral valued at up to 120% of NADA Official Used Car Guide or 120% Manufactures Suggested Price (at inception date)
Covers your insurance deductible up to $500
Is transferable if there is a transfer of the equity

Guaranteed Automobile Protection, or GAP, pays any remaining balance due on your loan in the event of an uncovered theft or total loss. This is an excellent benefit at a very reasonable cost. Plus, the premium for the GAP protection can be financed in with your loan amount, increasing your monthly payments by just a few dollars.GAP is available only at the time the loan papers are signed.Important Note: Please refer to the Terms & Conditions of the Guaranteed Automobile Protection Service Agreement provided with your contract for complete details about GAP.

Insurance products are provided by various carriers and are obligations of the issuing insurance company. They are not obligations of Spirit of Alaska Federal Credit Union.

+Back to Top