What is the gap that Gap Insurance insures against? It is the gap that happens when you have a vehicle loan, your vehicle is totaled in an accident, and the insurance payment does not pay off the loan. You are then left with a loan payment but no vehicle.
By adding Gap Insurance that WRCU offers in conjunction with long-time partner CUNA, a credit union association, you can avoid the insurance gap. For a few extra dollars a month on your vehicle loan, you can have the peace of mind of knowing that in the event of an accident, which is terrible in and of itself, you won’t have the added hardship of being in debt for a vehicle that you no longer have.
When you apply for a loan with WRCU, be sure to ask the loan officer if Gap Insurance would make sense for you. We hope that it’s one more thing we can offer to make your life easier.