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If all goes well, the car or truck you buy will be around for years. Unfortunately, things don’t always go as planned. If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss, your auto insurance will cover the replacement value of the vehicle. However, you remain responsible for paying for any difference between the insurance settlement and your outstanding loan balance. This deficiency can easily amount to thousands of dollars.
East River Federal Credit Union’s GAP coverage is an affordable way to fill the gap between the book value of your vehicle and your loan balance. For just a few dollars, you can protect yourself against this kind of unexpected expense. GAP coverage is an inexpensive way to insure that you will not sustain a loss. Call the credit union today to add GAP to your new loan!
How GAP coverage works
GAP coverage will pay the difference between the amount paid by the primary insurer (the actual cash value) and your outstanding loan balance. It also pays your primary insurance deductible, up to $1,000, plus pays $1,000 towards the purchase of another vehicle that is financed at East River FCU!
*Actual Cash Value of Vehicle
What does GAP cover?
**Maximum deducible is $1,000. Maximum Loan to Value is 125%. Maximum loan term is 84 months. Maximum liability per claim is $50,000 for automobiles/ $50,000 for all other collateral.
Included with your purchase of GAP coverage (autos and trucks only)!
East River Federal Credit Union is proud to offer our members an Auto Deductible Reimbursement Insurance that will help cover out-of-pocket expenses, such as your insurance deductible, when you have an accident or mishap with your vehicle.
If you suffer a loss during the Coverage Period which is covered by your Auto Policy, you may be entitled to reimbursement of the Covered Auto Deductible. Reimbursement will be equal to the Covered Auto Deductible on the Auto Policy, up to $500 per loss.
Not only does it provide this benefit on the vehicle for which the GAP was purchased, but also any other insured and registered vehicle in the member's name, within the same household. This can be a significant added-value benefit to those of you with more than one vehicle in the household!
Are you prepared for a mechanical breakdown with your vehicle? Do you have the necessary cash to pay for the rising cost of repairs? If you answered no to either of these questions then a Route 66 Extended Warranty is an intelligent investment to ensure that you are covered if a mechanical breakdown does occur. The price of vehicles is consistently on the rise as well as the costs of repairing them. Did you know that one in three vehicles will experience some type of mechanical failure in a given year? According to ConsumerReports.com, “the average three year old car has 55 problems per 100 vehicles”.
A Route 66 Extended Warranty not only protects your investment from expensive mechanical breakdowns, but it also comes with these benefits:
The Route 66 Extended Warranty is the most comprehensive coverage for all makes and models of automobiles so that you will be able to enjoy your new purchase and have “peace of mind” because even the most reliable vehicle can develop a mechanical problem at any time.
With the Route 66 Extended Warranty’s Open Enrollment you don’t have to purchase your warranty at the time of purchase, but at any time during the life of the vehicle. Regardless if your vehicle is still under a manufacturer’s warranty, Route 66 Extended Warranty has a plan that will fit your vehicle.
Don’t get stuck without coverage! Ask us for more information.
We also offer a Route 66 Power Sports Extended Warranty to prolong the life of your motorcycle, ATV, or scooter. The Power Sports Extended Warranty has much of the same great coverage as the extended warranty for automobiles and trucks.
*Complete terms and provisions for your Route 66 Extended Warranty are contained within each service agreement. Please read service agreement for complete details.
A long-term disability or death in the family can impact your family’s finances and affect your credit rating when bill paying may become difficult. Protect your loan with MEMBER’S CHOICE® Credit Life and Credit Disability Insurance. If you become totally disabled due to a covered event, it may help make your loan payments until you are recovered. In the event of death, the balance on your loan may be paid, up to policy maximums, helping relieve the financial burden on your family.
Suppose I do become disabled. Do I have to wait a long time before I start receiving benefits? There is a short waiting period. After 14 days, you will be eligible for benefits beginning on the 15th day up to the policy maximum in the event of a covered disability.
I have various other protections available through work, such as Worker’s Compensation, sick leave, and life insurance. Aren’t those enough? Worker’s Compensation is designed to help meet living expenses and medical costs, not make loan payments. Credit Life is designed to pay off a specific debt if you die. With this coverage, benefits from other insurance coverages can be used for other purposes. Credit Disability Insurance begins when you may need it the most.
We’re a two-income family. Why do we need Credit Life and/or Credit Disability Insurance? When your standard of living is used to two incomes, it’s likely that there could be financial difficulties if one income stops or is reduced. Credit Life Insurance allows the remaining spouse to use income for his/her day-to-day expenses. Credit Disability Insurance helps with loan payments rather than your spouse’s income meant for your day-to-day expenses.
For further information on adding Credit Life and Credit Disability Insurance to your new loan, contact us.
Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Group Policy for a full explanation of terms. CDCL-2837183.1-1119-1221
Your $1,000 of no-cost TruStage™ Accidental Death and Dismemberment coverage, courtesy of East River Federal Credit Union, is now available for you to claim.
As a member of East River Federal Credit Union, you have received $1000 in AD&D coverage from TruStage at no cost to you. AD&D coverage can pay a cash benefit to you and your loved ones in the case of a covered accident. It can also pay benefits if you are hospitalized or suffer from lost ability (such as loss of eyesight or hearing) due to an accident. It’s money your family can use to help cover any expenses you have while you focus on recovery.
Again, it costs you absolutely nothing—only a few minutes of your time—to get $1000 of coverage. If you choose, additional insurance is available for you or eligible family members at rates designed to be budget-friendly. Your acceptance is guaranteed—with no health questions or medical exam.
Don't miss out on this valuable, no-cost benefit part of your credit union membership. Enrolling is quick and simple. Go to www.trustage.com/add-insurance or call toll-free 1-800-798-8798.
*Cost is between $1 and $1.50 per month for every $10,000 of individual TruStage AD&D Insurance.
TruStage™ Accidental Death and Dismemberment Insurance is issued by CMFG Life Insurance Company. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by any financial institution. Product and features may vary and not be available in all states. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705. Base Policy Form Numbers: ADD-2018-POL, ADD-2018-POL(OR), 2018-ADD-POLRDR-CI, 2018-ADD-POLRDR-CNR, E10-ADD-2012, E10a-ADD-2012-LSCU, E10a-014-2012, E10a-014-2012(OR), E10a-015-2012, F10a-015-2012-1(WA). © TruStage
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We make TruStage™ Life Insurance policies available to credit union members like you to help protect the people who matter most in your life. Any policy amount could make a difference, because it provides money your loved ones could use to help pay mortgage or rent, day-to-day bills, medical and funeral expenses — whatever is needed most.
TruStage Life Insurance offers coverage that's underwritten by CMFG Life Insurance Company — with rates designed to be simple and fit your budget.
Learn about this important coverage or call LifeNumber for more information.
TruStage™ Life Insurance is issued by CMFG Life Insurance Company, MEMBERS Life Insurance Company, and other leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by any financial institution. Product and features may vary and not be available in all states. All guarantees are based on the claims-paying ability of the insurer. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705. © TruStage
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