Gap Coverage
Fill in the Gaps
Gap coverage is optional, and it covers the difference between what you owe on your vehicle loan and the actual cash value (ACV) of your vehicle in the event it’s totaled in an accident. This difference is referred to as the “gap”.
Do You Need Gap Coverage?
When it makes sense to consider gap coverage:
The short answer is — when the actual value of your car is less than your loan.Here’s an example: Let’s say you paid $30,000 for a new car and got in an accident a few years later where your car is considered a total loss. As you may know, cars lose value somewhat quickly. The market value on your car is now $15,000, but you still owe $20,000 on the loan. The $5,000 “gap” is money you’d still owe your lender. Gap coverage would pay for or help cover that difference for you.
When you don’t need gap coverage:
If you own your automobile outright or the vehicle is worth more than you owe, either through a loan or a lease, gap coverage is not necessary.Get Your Customized Quote
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Insurance products may be sold through CommunityAmerica Insurance Agency, LLC, a wholly owned subsidiary of CommunityAmerica CUSO One, LLC and a licensed insurance agency in Missouri and Kansas. Insurance products:
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Are Not Federally Insured |
Involve Investment Risk |
May Lose Value |
Are Not Obligations or Guaranteed by the Credit Union |