For the protection of our members and staff, our Douglasville Branch Lobby located at 11490 Veterans Memorial Hwy Douglasville will be closed beginning Monday, March 16, 2020, until further notice. The drive-through at this location and ATM remain open for transactions. Our branch in Tucker, Contact Center and Lending Team remain open to serve you. Please take precautions to keep you and your family safe and well.
Luckily, you’re okay— but your car is a total loss. That’s not okay.
Now what happens?
Your auto insurance company pays out your accident claim up to the actual cash value of your car, and from that you pay off your loan. Seems simple enough.
But what if the loan balance you owe is more than the claim check you get from the insurance company? What about that gap? (You see where this is going.)
If you have GAP coverage, the difference is covered and you don’t make car payments on a totaled car that’s sitting in a salvage yard.
By the way, GAP coverage also extends to unrecovered stolen cars.
Does everyone need GAP coverage?
No. Do you need GAP coverage if you borrowed close to 100% of the value of your car and depreciation is lowering your vehicle’s value faster than you’re paying your loan down?
YES! (Maybe that’s an acronym for You Entirely Should.)
Well, of course, it’s insurance and insurance is complicated. Since insurance does get confusing sometimes, give us a call at (888) 959-7132 and let us walk you through it.