| As
the saying goes… accidents do happen. Unfortunately so do thefts.
If your member's car or truck is declared a "total loss"
by their insurance company, they will be paid based upon the "replacement
value" of the vehicle. Your member is still liable for the
entire loan balance that very well may exceed the insurance settlement
by several thousand dollars. The end result… they have a "Gap"
in their insurance coverage and the credit union has a potential
risk exposure!
Guaranteed
Protection
A Gap Waiver is a Loan Balance Deficiency (Gap) Waiver that is
designed to eliminate your member's unpaid net loan balance. It
relieves the member of their responsibility to pay a loan deficiency
balance that is not covered by their primary insurance policy
or any applicable third party insurance policy.
The Right
Choice
Members Insurance Agency works closely with CUNA Mutual to provide
an effective and affordable solution, MEMBERS CHOICE Gap Protection.
Features of
MEMBERS CHOICE include:
- Protection
for term of the loan, up to 84 months
- Coverage
for vehicles valued up to $100,000 at the time of purchase
- Payment
of benefits up to $50,000
- Coverage
for deductibles up to $1,000
- A "Gap
Plus" option that provides a $1,000 down payment credit
toward a replacement vehicle.
- Fully
refundable premium in the first 60 days. Partially refundable
anytime thereafter.
- Fee Income
opportunities for the credit union along with protection from
loss.
Please
contact me with more information.
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