What is GAP Insurance?

Guaranteed Asset Protection (GAP) gives you peace-of-mind in the event your car is stolen or totaled.

GAP pays the difference between the actual cash value of your vehicle (as determined by your primary insurance company) and any unpaid loan balance. They use the J.D. Power Values guidelines and market assessments done by their own adjusters to determine what value they are willing to pay for your vehicle. When you financed your vehicle, did you put any money down? If not, you probably rolled-in taxes and perhaps an extended warranty to your loan balance. This sends the outstanding balance over the retail value of your car. This is where the “GAP” is created. The difference between what you owe and what the vehicle is worth.

How Much Does GAP Insurance pay?

If you have GAP coverage, the insurance will pay up to 150% of the retail value at the time of the accident and according to the J.D. Power Values guidelines.

Is GAP Insurance Worth It?

We will help you run the numbers and understand the position you are in. We can assist you in deciding if it is necessary to have GAP Coverage for your circumstances.

Contact us at 303.202.5659 | 800.280.0234 or email us at loans@cudenver.com.

As an alternative to the traditional dealership method, Credit Union of Denver offers our members extended warranty coverage for when you purchase a vehicle, or for your existing vehicle, through Route 66 Extended Warranty program. They have been helping our members for years and offer the most comprehensive mechanical breakdown coverage for all makes and models of automobiles.

Their coverage allows you to enjoy your new or used purchase and maintain peace of mind because even the most reliable vehicle can develop a mechanical problem. Many members have come to depend upon Route 66 Extended Warranty.

No matter where you travel in the United States, you are protected against major mechanical expenses, and there is no deductible on covered parts or labor.

Some additional information when considering a warranty for your vehicle:

• Keeping up with your regular maintenance is highly recommended, and in some cases, it is mandatory to keep coverage with your manufacturer’s warranty (and extended warranties, no matter where you get one)
• Make sure you keep receipts for all work completed
• Read the fine print of any warranty so you know what your responsibilities are

To discuss what may work best for you, please contact us at 303.202.5659 | 800.280.0234 or email us at loans@cudenver.com.

One of the benefits you receive as our member – access to $1,000 of coverage paid for by Credit Union of Denver and provided by CMFG Life Insurance Company. This is sent to our members in the mail. It is not an automatic coverage, you will need to fill out the form and send it in to register. This will provide coverage for your loved ones in the event you should have an accident resulting in death or dismemberment. There is also an option to add up to $300,000 of Accidental Death and Dismemberment (AD&D) coverage at affordable rates through TruStage Insurance. If you did not receive the mailing, please feel free to ask about your free coverage or getting additional protection today by calling 1.888.888.3942.

This voluntary coverage is something you opt-in to have added to your loan. When you purchase Credit Life & Disability Insurance, the premium will be included in your monthly payment, so you won't even have to worry about making the payments. Help take responsibility for your family's financial future by adding Credit Life & Disability Insurance to your loan.

If you have any questions, or if your family needs to file a claim, simply contact us at 303.202.5659 or 800.280.0234 and ask to speak with a Loan Officer.