Loan and Asset Protection
We want to make sure that you’re covered, no matter what may happen. That’s why we provide loan and asset protection and insurance programs. It’s just one more way that we look out for your best interests.
Guaranteed Asset Protection Insurance (GAP)
GAP protects you if the market value of your vehicle is less than the loan balance if your vehicle is damaged beyond repair or stolen and never recovered. It will eliminate the costly out-of-pocket expense you would incur to pay off your loan. The cost of coverage can be included in your monthly vehicle payment or purchased separately.
Mechanical Breakdown Insurance (MBI)
MBI protects you against the costly out-of-pocket vehicle repair expenses after the manufacturer warranty expires. MBI protection includes major component coverage – engine, transmission, electrical, steering, brake, fuel system and air conditioning, as well as 24-hour road side assistance, rental vehicle assistance and more. We offer various levels of coverage, so you can choose a plan that meets your specific needs. The cost of coverage can be included in your monthly vehicle payment or purchased separately.
Credit Life & Disability Insurance Payment Protection
Life is unpredictable. That’s why FEW offers low-cost, quality protection for borrowers. Credit Life and Disability Insurance helps you prepare for life’s unexpected events. It is designed to pay your Credit Union loans in the unfortunate event of disability or death.
Enrollment in these insurance programs is optional and not required to obtain a loan.