LorMet Offers You Protection Through GAP insurance
Posted by LorMet Webteam on Fri, Mar 12, 2010 @ 12:49 PM
LorMet Federal Credit Union not only offers you great rates on vehicle loans so that you can purchase the car, truck, boat, motorcycle or RV that you have your eye on, we also make it possible for you to buy GAP insurance in case the unthinkable happens to that vehicle.
What is GAP insurance?
GAP stands for Guaranteed Auto Protection. If your vehicle is totaled in an accident or stolen and not recovered, GAP insurance, in many instances, will cover the difference between your loan payoff and your primary insurance company settlement. It is also possible that with GAP insurance, you can have the loan balance paid in full (including your insurance deductible up to $1,000.)
Why purchase GAP insurance?
GAP insurance is available to you at a minimal cost--what you pay for GAP insurance is little compared to the protection that it provides. GAP insurance can really make a difference if something happens to your vehicle. Anyone who has ever been without a vehicle because it was either totaled or stolen can tell you what an inconvenience it can be. If you are unable to use your vehicle and are still responsible for paying off the loan on that vehicle, this can really alter your lifestyle. You would be without your own transportation and depending on your finances, you may have to wait before purchasing a new vehicle because you will still be responsible for paying off the loan for a vehicle that you cannot use.
We certainly hope that you do not ever need to enact the protection that GAP insurance can provide, but we know that you will feel a lot better having it should you need it. To learn more about GAP insurance, you can contact our Loan Department at 440-960-LOAN (6600) for more information.