According to the National Insurance Crime Bureau, in 2006 1,192,809 vehicles were stolen in the United States at a rate of every 26 seconds! The Western Sates having the highest rate of thefts with California leading the way.
According to the National Safety Council, there are 12 million motor vehicle accidents per year.
Most cars depreciate by thousands of dollars as soon as they are purchased. Here’s the hard truth: If your vehicle is stolen, damaged beyond repair, or otherwise declared a total loss, you are still required to pay the difference, or the “GAP,” between your insurance settlement and your loan balance.
Kinecta’s MEMBER’S CHOICE Guaranteed Asset Protection (GAP) pays the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle. For just a few dollars a month, GAP can save you from making loan payments on a car, truck, or other vehicle that’s beyond repair or stolen and not recovered.
How GAP works - A typical example
| Vehicle’s original purchase price: |
$25,000 |
| Suppose after one year you experience a total loss on your vehicle... |
|
| Loan balance after one year: |
$20,000 |
| Insurance settlement covering vehicle’s current value: |
$16,000 |
Your lost investment without GAP...
Your remaining unpaid loan balance; the "GAP" (including your deductible, up to $1,000)**: |
$4,000 |
GAP pays the following toward the financing or leasing of a replacement vehicle...
GAP pays the difference: |
$4,000 |
GAP Advantage also pays:
Total GAP Benefit: |
$1,000
$5,000 |
The GAP Advantage keeps you in the driver’s seat
The GAP Advantage gives you further peace of mind. If the vehicle you are now purchasing ever becomes “totaled” or is stolen and not recovered, the GAP Advantage pays an additional $1,000 toward the purchase of a replacement vehicle. Not only will you receive the difference between the value of your vehicle and its unpaid loan balance, you also get a head start on financing a new or used replacement vehicle when you go through the same financial institution.
Contact us
Call us at 800.854.9846, Option 4 to discuss how Kinecta’s MEMBER’S CHOICE Guaranteed Asset Protection can help protect you.
Disclosure:
Securities & Insurance products offered through LPL Financial and its affiliates, Member FINRA/SIPC. Insurance products offered through Kinecta Financial & Insurance Services, LLC and Apollo Agencies, Inc., subsidiaries of Kinecta Federal Credit Union. California Insurance License #0E24631 (Kinecta Financial & Insurance Services, LLC) or California Insurance License #0394033 (Apollo Agencies, Inc.). Insurance and investment products: 1) are not NCUSIF insured; 2) are not obligations of or guaranteed by the Credit Union or any affiliated entities; 3) involve investment risk, including possible loss of value. Kinecta Financial & Insurance Services, LLC, Apollo Agencies, Inc. and Kinecta Federal Credit Union are not affiliated with LPL Financial. Some insurance products available to California residents only.
|
|