Gap Coverage

Do you have a financed car, truck, or SUV? Did you know that if it its ever totaled or stolen, YOU COULD FACE A FINANCIAL RISK that your auto insurance policy may not cover? Guaranteed Asset Protection (GAP) coverage protects you against this risk!

Gap* is a policy that protects you in the event of theft or total loss of your vehicle.  Most insurance companies only pay the Cash Value of the vehicle at the time of the loss. Your remaining loan balance could be much greater than the Cash Value of your vehicle creating a DEFICIENCY OF SEVERAL THOUSAND DOLLARS THAT YOU’RE LIABLE FOR!

Plus, if you compare our $350 cost to what dealers charge, you won’t believe the savings at your credit union!

Why buy GAP* from the Credit Union?
Compare cost at dealer and save hundreds of dollars.
GAP* is Easy to Purchase
GAP* can be purchase at a low, onetime cost and can be included in the amount financed with the loan. Coverage takes effect immediately upon loan dispersal.
60-Day Free Look
You may examine your GAP* policy for 60 days. If you are not satisfied you may cancel GAP by returning the waiver within the first 60 days of coverage for a full refund of any premiums or amount you have paid.
Auto Deductible Reimbursement (ADR)
Auto Deductible Reimbursement (ADR) is an individual member benefit that reimburses the deductible for any loss covered by the borrower’s auto insurance policy for ALL passenger vehicles owned (i.e. titled or registered) AND insured (i.e. Named insured) by the enrolled member.  This includes all members purchasing GAP with the exception of complimentary GAP provided on refinanced loans.
Available on a Variety of Vehicles
 GAP* is available for the following types of vehicles. There are no age restrictions on the vehicle.
Vehicle Type Maximum Amount
Maximum Loan
All Terrain Vehicle
Car or Truck Purchase
Golf Cart
Jet Ski
Motorhome (RV)
Travel Trailer (Up to 35′)
Water Craft (Up to 50′)
240 months
84 months
240 months
240 months
240 months
240 months
240 months
240 months
240 months
How GAP Works – A Typical Example
Vehicle’s original purchase price: $25,000.00
Suppose after one year you experience a total loss on your vehicle…
Loan balance after one year: $20.000.00
Insurance settlement covering vehicle’s current value: $16,000.00
Your lost investment without GAP…
Your remaining unpaid loan balance; the “GAP” (including your deductible, up to $1,000)** : $4,000.00
GAP pays the following toward the financing or leasing of a replacement vehicle…
GAP pays the difference: $4,000.00
Total GAP Benefit: $4,000.00

The graph below illustrates your ESTIMATED LIABILITY during the term of your loan.

 * This product is provided to members through other independent companies for the benefit of Miami Firefighters FCU members. This product is not federally insured, are not obligations of the Credit Union, and are not guaranteed by the Credit Union or any affiliated entity.

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