In the News
CREDIT UNION PROTECTION PLANS
Q: What exactly is a credit union protection plan?
A: A credit union protection plan is a plan purchased through your credit union that protects your assets – your loans, debts and your earning ability.
Here’s what you need to know about the protection plans available at Highmark Credit Union.
GAP (guaranteed asset protection) insurance is an insurance add-on that pays the difference between the depreciated value you still owe on your vehicle if it’s stolen or totaled. It’s coverage for that “gap” between your car’s real value (as determined by your insurance company) and your auto loan balance. GAP insurance purchased through us will typically save you money when added to an existing auto insurance policy.
GAP insurance is recommended for drivers who are, or likely to be, upside down on their auto loans - meaning drivers who owe more for their car than what it is actually worth.
Mechanical Breakdown Insurance (MBI) has a complete line of coverage designed to keep your vehicle on the road. Even the most reliable vehicle can develop a mechanical problem. MBI is especially recommended for drivers who are financing a used vehicle, because most likely you will need repairs of some kind during the life of your loan.
Credit life insurance (Debt Protection) protection could cancel your loan balance or payments up to the contract maximum. Policy decreases along with the outstanding loan amount as it is paid off over time. Credit life insurance makes the most sense for borrowers whose loans have been cosigned by a relative.
Purchasing protection is voluntary and won’t affect your loan approval. It’s simple to apply. Ask your loan officer about eligibility, conditions, or exclusions and they will be glad to quote costs for each of these affordable products.