PARTNER: SWBC INSURANCE SERVICES
Financial protection beyond standard auto insurance coverage
Affordable coverage available through LAPFCU
Designed to reduce unexpected out-of-pocket costs
Police officers, deputies, dispatchers, investigators, and other public safety professionals depend on reliable transportation every day. Long commutes, rotating shifts, emergency callouts, and increased annual mileage place extra demands on personal vehicles.
If your vehicle is totaled or suffers a major mechanical failure, the financial impact can be significant. Vehicle protection helps reduce that risk.
What Happens After a Total Loss?
Many drivers assume their auto insurance will completely pay off their loan after an accident or theft. Often, it doesn’t. Insurance companies typically reimburse only your vehicle’s current market value. If you owe more than the vehicle is worth, you’re responsible for paying the difference.
Example: You financed a vehicle for $50,000.
After one year:
Without Gap Advantage™: You still owe $8,000 on a vehicle you no longer own.
With GAP Advantage™: The remaining balance is reduced or eliminated according to program terms, helping protect your finances from an unexpected loss.
Choose GAP Advantage™ to Protect Yourself From Loan Gaps
Your vehicle loses value faster than your loan balance decreases, especially during the first several years of ownership. GAP Advantage™ Auto Insurance* helps protect you by:
GAP Advantage™ is available for most new and used personal vehicles. To add GAP Advantage™ to your next or existing loan, speak withan LAPFCU loan counselor at (877) 695-2732, ext. 3190.
Car Repairs Cost More Than Ever
Modern vehicles are more expensive to repair. Today’s vehicles include sophisticated electronics, computer systems, cameras, sensors, advanced transmissions, hybrid components, and turbocharged engines.
When the manufacturer’s warranty expires, one repair can easily cost several thousand dollars. MMP helps protect your budget from those unexpected expenses.
MMP Protection Continues After Your Factory Warranty Ends
MMP helps cover many expensive mechanical repairs on covered components after the manufacturer’s warranty expires.
Benefits include:
ADDED MMP BENEFITS
To add MMP extended warranty, call our loan counselors at (877) 695-2732, ext. 3190.
Financial security involves more than one type of coverage. Explore additional ways to help protect your family and your finances.
We can provide greater value than similar products offered at dealerships. Our members appreciate:
GAP Advantage™ helps reduce or eliminate the difference between your vehicle’s insurance settlement and the remaining balance on your auto loan after a covered total loss. It protects you from paying for a vehicle you no longer own.
Auto insurance generally pays the vehicle’s current market value. GAP Advantage™ addresses the remaining loan balance if you owe more than the insurance settlement after a covered total loss.
GAP Advantage™ is often valuable for members who finance a large portion of the purchase price, have long loan terms, drive many miles, or own vehicles that depreciate quickly. It often makes sense if you:
Availability depends on your loan and the age of your vehicle. Contact an LAPFCU Loan Counselor at (877) 695-2732, ext. 3190 to discuss your options.
Major Mechanical Protection is an extended vehicle protection plan that helps cover the cost of many mechanical repairs after the manufacturer’s warranty expires.
A manufacturer’s warranty ends after a certain number of years or miles. MMP extends protection beyond that period for many covered components, according to the terms of the plan.
Covered repairs vary by plan but often include major components such as the engine, transmission, drivetrain, steering, electrical systems, and air conditioning. Review your contract for complete coverage details.
Many MMP plans include benefits such as roadside assistance, rental car reimbursement, lockout assistance, emergency tire service, and key fob replacement. Benefits vary by contract.
Yes. Many plans transfer to the next owner if you sell your vehicle, which may increase your vehicle’s resale value.
Many members purchase both GAP and MMP, because each protects against a different financial risk. GAP helps after a total loss. MMP helps with unexpected mechanical repair costs after the manufacturer’s warranty expires.
GAP Advantage and Major Mechanical Protect (MMP) insurance provided by SWBC Insurance Services. Insurance products offered are not sold or guaranteed by LAPFCU. Any insurance required as a condition of an extension of credit by LAPFCU need not be purchased from the Credit Union and may be purchased from an agent or an insurance company of the member’s choice. Business conducted with SWBC Insurance Services is separate and distinct from any business conducted with LAPFCU.
