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Gap Protection


 

Guaranteed Asset Protection (GAP)


No matter how well you take care of your new or new-to-you vehicle, the potential for danger lurks around every curve and every corner. If you total your vehicle or lose it to theft, you’re at risk of owing more on your loan than the vehicle is worth. That’s where GAP comes in, bridging the gap between the cash value of your vehicle and the loan balance.
 

What is GAP?

Guaranteed Asset Protection (GAP), is a voluntary, non-insurance program that works with your standard car insurance. It protects the “gap” between the vehicle’s actual cash value (ACV) and the amount you still owe on your loan if your vehicle is totaled or stolen.

  • May help the borrower avoid financial hardship and afford a replacement vehicle
  • May prevent a deficiency balance from being added to any new loan
  • 60-day refundable "free look" period for peace of mind
  • No model, mileage, or year restrictions
  • GAP may cover up to $1,000 of the borrower's insurance deductible
  • GAP also covers Vans, Light trucks, ATVs, Motorcycles, Jet Skis, Snowmobiles, Boats, Travel Trailers and Motor Homes
  • Policy includes Auto Deductible Reimbursement benefit (ADR) (see below for more information)

Gap Protection Graph Image


What to know


  • GAP  Protection helps pay off your remaining loan balance if your auto is stolen or damaged and is deemed to be a total loss
  • GAP covers the difference between the borrower's outstanding loan balance and the actual cash value (ACV) of the vehicle
  • A GAP claim must be filed within 60 days from the date of the primary carrier's settlement or within 60 days from the date of loss if there is no primary carrier
  • The loan must be financed with Community Resource Credit Union
  • Gap can cover up to the maximum amount of 125% of vehicle value at time of the loan.
  • For New MSRP will be used as value, if Used Retail will be used as value.
  • The fee can be financed with your loan or debited from your account
  • GAP claim may be started on your behalf as soon as check from your insurance company is received. 
  • Total Loss Claim processes can take up to several weeks to be finalized.  Any payments due within this time is the borrower’s responsibility to be paid until loan is paid in full. 
  • CRCU advises the borrower to continue to make payments on the loan.  Payments made after the date of loss may be refunded as part of the GAP settlement.
  • GAP does not pay for any interest after the date of the loss.
  • GAP does not cover any late payment fees, delinquent payments, loan extensions, or Skip a Pays in excess of one per year.
  • GAP will not pay if the vehicle was totaled due to the driver of the collateral being under the influence.
 

Required Documents for GAP Claim

Document Needed Who to Contact for Needed Documentation
Color Photos from Insurance Claim Adjuster
Insurance
Settlement Breakdown Statement
Insurance
Settlement Evaluation Report
Insurance
Police Report (if unrecovered theft)
Insurance/Police Department
Loan Finance Agreement
CRCU
GAP Contract
CRCU
Complete Loan Payment History
CRCU
Payoff Statement at time of loss
CRCU
Copy of Buyer's Order/ Purchase Order (if vehicle purchased at dealer)
 CRCU
MSRP (new vehicles only)
CRCU
Proof of Refund from Warranty and other cancelable items (if applicable)
CRCU or Dealership (Dependent on where purchased)
 
Download PDF or required documents here.
Download Gap Insurance PDF here.
 
 
 
 
 
 
 
 
 

How to file a GAP Protection claim if you purchased GAP thru CRCU:

  • If you have experienced a total loss of your vehicle, you will need to make an insurance claim with your vehicle insurance company first.
  • After initiating the claim process with your insurance carrier for the total loss, contact CRCU with the following information to get process started on your GAP claim. Please provide the following information:
  1. Vehicle Information (Year, Make, Model, VIN)
  2. Vehicle Mileage at time of Loss
  3. Date of Total Loss
  4. Type of Loss (collision, stolen, flooded)
  5. Insurance Claim Number
  6. Insurance Company
  7. Insurance Phone Number
  8. Insurance Settlement Amount

 

How to file a GAP Protection claim if you purchased GAP thru dealership:

  • If you have experienced a total loss of your vehicle, you will need to make an insurance claim with your vehicle insurance company first.
  • After initiating the total loss claim process with your insurance carrier for the loss, contact GAP.
  • GAP policy information can be found from the contracts signed at the dealership where you purchased your vehicle.
  • After initiating the claim process with your insurance carrier for the total loss and GAP Claim process with dealership contact CRCU to provide the status of your claims.
  • If you need any assistance in providing GAP or dealer documentation please visit your nearest CRCU branch or call (800) 238-3228.

 

What is Auto Deductible Reimbursement (ADR)?

Included in the GAP policy is a Deductible Reimbursement benefit.  The Deductible Reimbursement benefit pays up to $500 per loss (unlimited losses per year) when a claim is filed and paid with the primary insurance carrier.

 

What to know

  • Pays up to five hundred dollars ($500) per Loss (UNLIMITED losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title, registration or loan document
  • AND insured under an Auto Insurance Policy designating the Member as the Named Insured.
  • Loss means an event for which the auto insurance company has approved and paid a collision or comprehensive claim which exceeds the Auto Insurance Policy deductible for the Covered Auto.
  • Coverage is effective upon date of enrollment and will continue for 3 year(s) depending on the benefit period provided.

 

How to file an ADR claim

  • Call the Claims Administrator at 1-877-296-4892 OR go to assuranceplus.com/claims to request a claim form.
  • Notice of the Loss must have been provided to the Claims Administrator within 90 days of the date of Loss, but in no event later than 1 year from date of Loss.
  • To process a claim the Claims Administrator must receive a completed and signed claim form, along with all required documents, within 180 days of the date of Loss, but in no event later than 1 year from date of Loss. Download ADR Brochure
 

How to get yours

Tell your Personal Financial Officer that you’d like GAP Protection before loan closing and it can be added at the time of loan financing. You can also add it any time during the life of your loan. For personal help with GAP Insurance, drop by your neighborhood CRCU branch or give us a call at (800) 238-3228.
 

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