Add an increased level of financial protection to your current vehicle insurance policy when you choose GAP (Guaranteed Asset Protection) Insurance from New Horizon FCU. If your vehicle is declared a total loss by your insurance company, GAP Insurance will cover the difference between what your vehicle is worth (book value) and what you actually owe on the loan.
GAP Insurance is available for new and used vehicles. A one- time fee will be added to the loan at the time of closing. Although we recommend this coverage to all New Horizon FCU members, if you meet any of the following criteria, you should strongly consider this inexpensive insurance:
- A loan with a long term period, for instance 60 months or longer
- No or low down payment
- Drive 15,000 a miles or more annually
- Purchase a vehicle that will depreciate quickly
If you are purchasing a new or used vehicle, GAP coverage may be added at the time of application, just ask your friendly loan officer.
If you have any questions, please contact us at 330-745-8897. One of our loan officers will be happy to assist you.