Loan Protection Insurance


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GAP Insurance | Disability and Credit Life Insurance | Home Mortgage Protection Insurance

Loan Protection Insurance

Guaranteed Asset Protection (GAP) Insurance
You could lose more than your vehicle if it is stolen or involved a major accident. You could lose your investment. Because most insurance policies only cover the Actual Cash Value of your vehicle - something that rapidly declines during the first few years of ownership - your loan balance could be higher than what your insurance company will pay in the case of a claim. GAP has been designed to take care of this potential problem.

Call Center: 715-627-4336 or
toll-free 1-800-398-2667

Please email us with questions or comments.

What Does Gap Cover?
GAP covers the difference between your primary carrier insurance settlement and the payoff of your loan on the date of the loss. Included in this coverage is your insurance deductible, which is limited to $1000. The maximum amount that Gap covers is 125% of the value of the vehicle.

Here's an example of how GAP insurance could work for you:

PRIVACY POLICY
Equal Housing Opportunity

Loan balance after one year

$20,000

Value of car after one year

$16,000

Insurance settlement

$16,000

Deficiency balance

$4,000

You owe

Without GAP coverage, you'd be liable for the $4,000 deficiency balance.

It's Easy to Be Covered.
GAP insurance is available for automobiles, vans, and light trucks, including SVUs. Both new and used vehicles are eligible for coverage. You can sign up for GAP when you apply for your vehicle loan. For your convenience, the amount can be included within your monthly loan payment. The GAP premium for a flat fee is $225.00. You can also pay a monthly rate instead of the flat fee. The cost varies according to the term of the loan.

Make sure you protect your automobile investment. Get GAP insurance on your next auto loan!

Disability and Credit Life Insurance
To protect yourself from the inability to repay a loan due to accident, illness, or death, we offer disability and credit life insurance. This coverage may be especially important if you are self-employed or your employer does not offer disability insurance as a benefit. Credit disability insurance can make your monthly loan payments for you as long as you are unable to work due to a covered disability. Should you become totally disabled and unable to work, your payments could be made until the loan is paid in full. Credit life insurance can pay off your loan if you were to lose your life.

How Much Does It Cost?
The cost for single disability coverage is 17¢ per $100 of your monthly outstanding loan balance (30¢ per $100 for joint disability). Single life insurance can be purchased for 6¢ per $100 of your monthly outstanding loan balance (10¢ per $100 for joint life). For your convenience, these premiums are built right into your loan payment. All insured members pay the same low rate regardless of their age, sex, health, occupation or participation in risky recreational activities.

Protect yourself and your family every time you borrower. Add Disability and Credit Life Insurance to your loan. Call use for complete details.

Home Mortgage Protection
Keeping your home in the family is critical if you or your co-borrower dies or becomes disabled. Home Mortgage Protection will reduce or pay off your mortgage if you or your co-borrower should die.

    For a printable brochure about this insurance, click here.
    To print out the Home Mortgage Protection Application, click here.
    Once you have signed and completed the application, send it to:
    CoVantage Credit Union, PO Box 107, Antigo, WI 54409.