Guaranteed Asset Protection (GAP) Plus
A wrecked vehicle can wreck your finances if you owe more on your loan than your insurance will pay. The second you drive your new vehicle off the lot, it drops in value, which creates a gap in coverage.
Our Guaranteed Asset Protection (GAP)1 program can help cushion you and your family against sudden out-of-pocket expenses and goes beyond traditional protection.
Here’s how it works: GAP Plus may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan if your vehicle is deemed a total loss. Plus, it helps you get into your next vehicle by reducing your next loan at the credit union.
Deductible Assistance is additional protection to provide financial relief when your vehicle is damaged, but not deemed a total loss. If repairs cost more than your deductible, the deductible amount is applied to your loan, reducing what you owe.
Maximum benefit up to $50,000
Enroll any time during your loan’s term
Only $595, which can be rolled into your auto loan, giving you one easy payment
Additional protection provides financial relief when your vehicle is damaged, but not deemed a total loss
Frequently Asked Questions
Patelco Online™ helps you stay up to date on all your finances, including your loans. We make it simple and safe to:
- Check balances and get account details
- Make payments from your Patelco account
- Transfer funds and send secure messages about your loan
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1 Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP), which includes deductible assistance, is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days, you will receive a full refund of any fee paid. MRC-3628239.1-0621-0723, GAP-3628235.1-0621, DP-3628229.1-0621-0723
2 Insurance products are not deposits of Patelco Credit Union and are not insured by the NCUA. They are not guaranteed by Patelco Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Patelco Credit Union need not be purchased from Patelco Insurance Services and may be purchased from an agent or an insurance company of the member's choice. Patelco Insurance Services is a subsidiary of Patelco Credit Union. Insurance products are offered by Patelco Insurance Services, a California insurance agency (License #0C97544). Any complaints may be filed with the California Department of Insurance, insurance.ca.gov.
All statements made are subject to provisions, exclusions, conditions, and limitations of the applicable insurance policy. Coverages and features are not available in all states. Eligibility is subject to meeting applicable underwriting criteria. Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. A consumer report from a consumer reporting agency and/or motor vehicle report will be obtained on all drivers listed on your policy where state laws and regulations allow. Please consult your policy for specific coverages and limitations.