Insurance
Insurance options and verification
Protect Your Investment and Your Good Name
You can upload your comprehensive insurance below and explore our additional loan options. The world is unpredictable. We know that accidents happen, and illnesses can spring up that can prevent you from working. When the unexpected happens, one of these optional loan protection products, in addition to your Comprehensive and Collision Insurance, can help you further protect your vehicle, budget, and credit.
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Insurance Options
Guaranteed Asset Protection (GAP)
GAP can help protect you from owing an unexpected amount on your loan after a vehicle is totaled or stolen.
Mechanical Breakdown Protection (MBP)
Manage car repairs and maintenance at a lower price than you might find at the dealer.
Debt Protection
Debt Protection can help make your loan payments in case of covered illness, injury, or involuntary unemployment.
Guaranteed Asset Protection (GAP)
New cars, boats, RVs, and other vehicles lose the largest percentage of their value in the first year or two of ownership. That can be a problem if the vehicle is in an accident or stolen. When an insurance company declares a vehicle a total loss, they only pay off the amount of the loan equal to the value of the collateral. If the amount the insurance company pays is less than what’s still owed on the loan, the borrower is responsible for the remaining balance, which can be several thousand dollars.
Used cars aren’t immune, if you’ve rolled the negative value of a trade-in into your existing loan, you might be at risk, too.
- In either case, GAP can help protect you if your vehicle is stolen or totaled by helping cover the “gap” from the insurance settlement value. The insurance value is typically the value of the vehicle at the time of the loss, not the balance of your loan. Which is how a balance is sometimes owed even after the loss of the vehicle.
- In some cases, GAP can also provide you with $1,000 towards the purchase of a replacement vehicle, as long as you buy it within 90 days and finance the purchase with Seattle Credit Union. GAP can cover up to $1,000 of the borrower’s deductible if there is a “gap” after the primary insurance settlement is paid.
- You can add GAP to your loan any time between funding and 18 months after. You can pay the one-time premium out of pocket or you can add it to the principal balance of your loan. If you don’t want to keep the coverage, you can cancel any time within the first 60 days.
Mechanical Breakdown Protection (MBP)
Car repairs can be expensive and can strain even the best budget. Extended warranties offered through the dealership can be expensive and don’t always cover the repair you need.
Seattle Credit Union offers Mechanical Breakdown Protection (MBP) so you can manage the repairs and maintenance that come with owning a car at prices that are lower than you might find at the dealer.
- There are three levels of MBP, depending on the age and mileage of the vehicle.
- Some come with Emergency Roadside Assistance and rental car reimbursement.
- You can finance the cost of MBP into your loan or pay the premium out of pocket.
Debt Protection
When you get sick or hurt and can’t work, loss of income can be one of many concerns. You may have a long road of recovery ahead and there could be expenses related to your illness or injury that, you’ll have to deal with. Those expenses combined with not getting a paycheck can take a bite out of your savings and leave you with questions as to which bills to pay.
That’s why we offer Debt Protection as an optional product for most of our loans.
- With Debt Protection, you’ll have a small, monthly premium added to your loan. If you are faced with a covered illness or injury and can’t work, Debt Protection will make your payment for each of your covered loans until you can return to the job.
- In some cases, Debt Protection even covers involuntary unemployment.
- If the worst happens, and you or a covered spouse die because of an accidental injury, Debt Protection will pay the outstanding balance of your covered loans.
The small cost of premium can be well worth the peace of mind you get.
