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Loan Protection Services


Gap Insurance – including Auto Deductible Reimbursement!


The following is an example of GAP in action:

Your financed vehicle is totaled beyond repair…

Your loan balance is $15,000.00 
Your insurance company settlement is   $10,000.00 
based on your vehicle’s market value  $11,000.00 
less your insurance deductible  $1,000.00 
Loan balance remaining without protection   $5,000.00 
Loan balance remaining with protection   $0.00 


<p">Guaranteed Asset Protection, or GAP, is a voluntary, non-insurance program offered as protection on your financed vehicle to enhance, rather than replace, your standard insurance coverage. GAP waives the difference between your primary insurance company’s settlement and the payoff of your loan balance up to a certain loan to value maximum, less exclusions or limitations that may apply. The loan to value maximum is determined by comparing the total amount originally financed to the vehicle’s value at the start of the loan. Included in this waiver is your insurance deductible, up to $1,000.1

GAP is designed for all drivers, whether you are financing a new or used vehicle. Automobiles, vans, light trucks, motorcycles, boats, travel trailers, and motor homes may be eligible.2

1 Deductible waiver is available in most, but not all states. Please consult your financing representative for the availability of this benefit.

2 GAP is subject to limitations and exclusions, please consult your financing representative to determine if your vehicle is eligible for GAP.



Automatically included in your Gap Insurance is our Auto Deductible Reimbursement -

Auto Deductible Reimbursement

l Pays up to five hundred dollars ($500) per Loss (UNLIMITED losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title, registration or loan document, AND insured under an Auto Insurance Policy designating the Member as the Named Insured.

l Loss means an event for which the auto insurance company has approved and paid a collision or comprehensive claim which exceeds the Auto Insurance Policy deductible for the Covered Auto.

l Coverage is effective upon date of enrollment and will continue for 3 year(s) depending on the benefit period provided.


Mechanical Breakdown Protection


Be ready for the unexpected and ensure you’re covered in the event a mechanical breakdown occurs. With Mechanical Breakdown Protection from Route 66 Warranty, you can rest easy knowing you are covered.

Route 66 Warranty’s Mechanical Breakdown Protection Plans are available for both new and pre-owned vehicles, and coverage is transferable if you sell your vehicle before your agreement expires providing added resale value.


If your car is declared a total loss by the insurance company due to collision or act of God, we will refund the entire original premium of your service agreement.


Payment Protection Credit Insurance

  • 35% of households would experience adverse financial effects within a month if the primary wage earner died. – LIMRA, 2018 Insurance Barometer
  • 69% of Americans have less than $1,000 in savings. That will disappear quickly if you’re unable to work due to illness or injury. – Council for Disability Awareness, Paycheck Protection for Millenials 2016
  • 1 in 4 20 year-olds can expect to miss a year of work due to a disability before retirement. – Council for Disability Awareness, Disability Statics, 2018



Payment Protection Credit Insurance can help ease financial concerns for you and your family if the unexpected occurs.  If you were to die or become disabled, how long would you and your family be able to pay your bills?

Credit Life Insurance – Designed to reduce or pay off the insured balance of your loan if you die.

Credit Disability Insurance – Designed to pay your loan payments (up to the contract limit) if you become disabled due to illness or injury and are unable to work.

Benefits to You:

Protection:  Helps reduce the financial burden on your family in the event of your disability or death.

Convenience: Done at the time of loan application.

Eligibility: Available up to the age of 65 and even up to 70 in some states. Also, a medical exam is usually not required, although, general health questions may be asked.

No obligation for 30 days! You have 30 days to review the plan and make sure it lives up to your expectations. During this period, you can cancel the coverage without obligation and any premiums paid will be refunded.



Disclosures: Payment Protection Credit Insurance is not a deposit or obligation of or guaranteed by your financial institution or its Affiliates. Payment Protection is not insured or guaranteed by an agency of the federal government. Your credit approval cannot be conditioned on whether you purchase Credit Insurance. You may obtain insurance to protect your loan from an entity not affiliated with your financial institution.

This advertises the following Group Credit Insurance Policy forms: Minnesota Life MHC-XX-4000 series and XX-60000 series, and Securian Life XX-60000 series, as well as any applicable state variations.

Insurance products are issued by Minnesota Life Insurance in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized insurer in New York and does not do business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.

Exclusions: This information is intended to serve as a general guide to Credit Insurance coverage. Depending upon your state of residence, Credit Life Insurance may not cover suicide that occurs within six, 12, or 24 months of enrolling in the plan. Also, in some states, Credit Life Insurance may not cover pre-existing medical conditions.

Depending upon your state of residence, Credit Disability Insurance benefits may not be provided if illness or injury is the result of one or more of the following: (1) self-inflicted, (2) normal pregnancy, (3) war-related injury,  or (4) illness, or medical conditions for which the insured debtor received or had medical treatment, advice, or diagnostic tests either for that same condition or a related condition within the six month period immediately prior to the effective date of his or her insurance under this policy and which results in total disability commencing within six months after the effective date of the insured debtors coverage under this policy.

Note: Some exclusions are not in force in every state or may vary due to state-specific requirements. Verify state-specific exclusions or requirements.

Copyright © 2020 University Credit Union  13241 S.W. 136 St, Miami, FL 33186