Gateway Credit Union offers the following insurance products to help protect you and your family members:
Guaranteed Asset Protection (GAP) Coverage
GAP Coverage is a debt cancellation product that covers the difference between the insurance settlement amount and the outstanding loan balance if your vehicle is involved in a total loss claim, as determined by your auto insurance provider, due to an “at fault” or “not at fault” accident, theft or flood.
If your vehicle is totaled, the insurance settlement is based on the actual cash value of the vehicle not the outstanding loan balance. This difference could create a “gap” (money you still owe on the loan) after the primary insurance settlement has been paid. With GAP Coverage, this deficiency would be covered up to specific parameters.
Major Mechanical Protection (MMP)
Major Mechanical Protection (MMP) provides protection against the cost associated with most of your vehicle’s mechanical breakdowns. With MMP, you’ll have peace of mind that many repairs, towing and roadside service costs are covered.
MMP Program Features:
- 30-day free trial
- Fully transferable
- No limits on Emergency Roadside Service
Credit Life and Disability Insurance
Protect your family’s financial future by taking advantage of Credit Life and Disability Insurance. This affordable coverage protects your family, credit history and collateral in the event of sickness or death, preventing your loved ones from inheriting unexpected debt.
- Protects your family from inheriting the debt you may leave as a result of a misfortune such as a disabling injury, illness or unexpected death
- Payment premiums are added to your monthly loan payment
- Coverage begins immediately
Term Life Insurance
Term life insurance covers you for a set period of time, the term of the policy, protecting your family and loved ones in the event of your unexpected death. Term life pays income-tax-free money directly to your beneficiaries if you die.
Term Life Features:
- Perfect for growing families, income-tax-free money that can be used for any purpose, in the event of your death.
- Once approved, your policy cannot be cancelled by anyone but yourself, even if you were to get an illness.
- 30-day Guarantee. If you are not completely satisfied, simply cancel within the first 30 days and get a full refund.
Home and Auto Insurance
Discounted home and auto insurance offered to credit union members. Home insurance offers protection for your home and the contents inside. With home insurance, you are covered against losses or damage due to fire, weather, theft and more. You are also protected in the event that an accident occurs on your property.
Auto insurance protects you against financial loss in the event you have an accident or from auto theft. With auto insurance you may purchase coverage for property, liability and medical expenses as a result of an accident.