Payment protection and GAP

You want to protect your family, finances, and assets – and our payment protection and GAP insurance solutions make it simple to do so.

Safety nets for you,
your money, family,
and your credit

  • Be ready for the unexpected
  • Uphold your family‚Äôs well-being
  • Safeguard your credit

While it isn’t something we like to talk (or even think) about, it is always a good idea to consider the financial impact of your disability or death, on your family. To determine this, it’s important to look at your income and the level to which it maintains your family’s welfare. If you are the “breadwinner” of the family, taking your income out of the picture could be devastating. Not only this, but your credit may take a dive if you’re unable to make your payments. 

Thankfully, there are solutions to protect both you and your family. We offer two different and affordable payment protection plans for most of our loans. Both provide premiums that can be figured in with your GECU loan payment and neither require a physical – you just have to meet eligibility requirements.

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.

Next steps

To add Payment Protection or GAP to your loan:

General Electric Credit Union is a full-service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky.

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