Georgia Heritage FCU

YOUR AUTO INSURANCE DOES NOT COVER EVERYTHING
PROTECTION THROUGH GUARANTEED ASSET PROTECTION

You could lose more than your vehicle, boat, motorcycle, or RV if it is stolen or involved in a major accident. You could lose your investment. Because most insurance policies only cover the value of your vehicle - something that rapidly declines during the first few years of ownership - your loan or lease balance could be higher than the value of your vehicle.

What Does GAP Cover?

GAP was designed for all drivers, whether you finance or lease a new or used vehicle. It covers automobiles, vans, light trucks, motorcycles, boats, travel trailers, motor homes, golf carts, jet skis, and almost any other vehicle*. GAP coverage goes into effect when you need it most - when your vehicle is stolen and isn’t recovered, or is totaled in an accident and can’t be repaired.

GAP covers the difference between your primary carrier’s insurance settlement and the amount of your loan or lease, less delinquent payments, late charges, refundable service warranty contracts, and other insurance related charges. Included in this difference is your insurance deductible, which is limited to $1,000**.

Guaranteed Auto Protection protects individuals who finance a new or used vehicle from the financial GAP.

The purchase of Guaranteed Auto Protection is voluntary and cannot be required as a condition of credit approval.

Guaranteed Auto Protection is a loan/lease deficiency waiver and is not offered as insurance coverage.

*Please consult your financing representative to determine if all of these collateral types are eligible for GAP protection.
**Deductible coverage is available in most, but not all states. Please consult your financing representative for the availability of this benefit.