A Totaled Car Isn’t a Total Loss with GAP
- Protect yourself from a financial loss if your car is totaled
- Get back on the road with a $1,000 allowance to finance a replacement vehicle with us
- Enjoy peace of mind if you owe more than your car is currently worth
The purchase of GAP Advantage is voluntary and cannot be required as a condition of loan approval. GAP Advantage is a loan deficiency waiver and is not offered as insurance coverage in most states. This brochure is not a contract and the contents are limited by its size. It only provides a general summary of plan options that are available. Be sure to read your specific contract, as all benefits are subject to the terms and conditions of that contract. Skipped or missed payments, late charges, refundable service warranty contracts, other insurance-related products, and interest charged after the date of loss will be deducted from the GAP Advantage settlement.
- What is refundable GAP? Members can request to cancel their GAP policy and receive a pro-rated refund.
- Any stipulations on refundable GAP?
Yes. Refunds can be made only if the policy was purchased with One Nevada Credit Union. Refunds cannot be requested if there is an outstanding claim.
- How much does GAP cover?
Guaranteed Asset Protection (GAP) covers up to 135% of the loan-to-value ratio and is designed to reduce or eliminate the remaining balance on a loan if a vehicle is totaled or stolen and not recovered.
- Does gap insurance cover medical costs? No. Gap insurance is only for vehicle losses and doesn't cover bodily injuries, medical expenses, lost wages, or funeral costs.