(Guaranteed Auto Protection)
Baltimore County Employees Federal Credit Union is pleased to offer its members a service called GAP (Guaranteed Auto Protection).
How does GAP work?
If your vehicle is stolen or totaled, your insurance company usually pays the actual cash value of vehicle less your deductible. This amount can often be much less than what you owe on your auto loan. That’s called a financial gap – and it means you owe the difference between what you owe and what insurance paid.
GAP insurance protects you from that financial gap in the event your vehicle is stolen or totaled. Members can purchase GAP insurance at a greatly reduced one-time cost of $250*. Similar policies purchased directly from the dealer or an insurance company often cost $500-$700.
You don’t’ have to decide right away – you have up to 18 months from the time you open your loan to purchase GAP insurance at this low, discounted rate.
Unsure of the GAP on the auto you are about to purchase?
Contact a Loan Counselor today for a complete GAP analysis. Call us at 410-828-4730 or 1-800-234-4730.
*GAP pricing is subject to change without notice.