Disability Payment Protection
If you become disabled and are under the care of a doctor, this plan makes your loan payment until you can return to work, or until the loan is paid off (whichever comes first).
Benefits are paid in addition to any other disability benefits you receive. The plan covers both injury and illness and doesn’t require hospitalization.
Life Payment Protection
In the event of your death, this plan pays off the scheduled balance of your loan.1 It is available for the borrower (single) or the borrower and co-borrower (joint protection).
Guaranteed Asset Protection (GAP)
If your insured car is stolen or totaled in an accident, your insurance company may offer a settlement based on your car’s market value, not what you paid for it. Since cars depreciate over time, your settlement may not cover what you still owe on your loan.
GAP is an add-on car insurance coverage that can help you cover the “gap” between the amount you owe on your vehicle and it's market value. If you have GAP insurance, you may avoid having to pay most of the out-of-pocket expenses on the remainder of your loan balance if your vehicle is stolen or totaled.2
GECU's GAP insurance is a fixed amount that may be amortized over the life of the loan and figured directly in with your loan payment or can be paid via one-time payment. You may also add GAP to your loan at any time during the life of the loan. Exclusions do apply. Please thoroughly read your GAP waiver for full exclusion details.
To add Payment Protection or GAP to your loan:
- Call a loan officer at: 513.243.4328 or 800.542.7093
- Schedule an appointment and visit your local branch
General Electric Credit Union is a full-service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky.