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There could be a big difference between what your automobile insurance will pay and what you owe on your loan. Most cars depreciate by thousands of dollars as soon as they are purchased. And if your car is stolen, accidentally damaged beyond repair or otherwise declared a total loss, you are still liable to pay the difference, or the "gap" between your insurer's settlement and your loan balance. Without protection, that "gap" will come out of your pocket for a vehicle that practically no longer exists!

Allegacy's Member's Choice™ GAP Insurance could save you thousands.
GAP is low-cost coverage that pays the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.

GAP is Low-Cost Protection for High-Cost Losses.
For just a few dollars a month, GAP can save you from making loan payments on a car, truck or other vehicle that's beyond repair, or stolen and not recovered. What are the chances of your car being stolen or wrecked? Consider these facts:

  • Auto theft is an estimated $7.8 billion industry, with a theft occurring every 27 seconds (Insurance Information Institute, 2000)
  • Nearly half of all stolen vehicles (46.9%) are not recovered yearly in the United States (FBI Uniform Crime Report, 2000)
  • There were an estimated 6,394,000 police-reported vehicle crashes in 2000 (National Highway Traffic Safety Administration, 2000)

It's easy to be covered.
You can sign up for GAP when you apply for your auto loan at Allegacy. There is no underwriting, no red tape and no hassle. And for your convenience, the amount of your GAP can be easily rolled right into your monthly loan payment. Contact us for a quote or questions anytime. Is this enough coverage for you? Find out about Member's Choice Disability and Term Life Protection.

Ask about GAP for your next Allegacy auto loan. GAP provides security for financial loss and includes:

  • Protection for the term of your loan, up to 84 months
  • Coverage for vehicles valued up to $100,000 at time of purchase
  • Payment of benefits up to $50,000
  • Coverage for auto insurance deductibles as part of the GAP claim settlement up to $1,000 and where allowed by law
  • Benefits for new and used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles
  • GAP PLUS coverage, which includes up to $1,000 down-payment credit toward a replacement vehicle, where allowed by law and when financed by Allegacy

Refundable Feature.
GAP is even fully refundable if you cancel the coverage within the first 90 days of your loan.

Articles to Help You Decide:

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