Optional Loan Protection - Insurance, GAP, Breakdown Coverage
Piedmont Credit Union offers several loan add-on's to provide you with peace of mind. There is affordable credit disability insurance and affordable credit life insurance. There is also Guaranteed Auto Protection (GAP) to ensure that your car loan will be paid off in an accident. Below is an explanation of these various optional loan services.
Credit Life Insurance
This insurance protects your loved ones in the event of your death. If you die before your loan is paid Credit Life Insurance will payoff your remaining balance so that your family will not have the burden of paying your loan or possibly losing the collateral that might be attached to the loan.
Credit Life Insurance is available on all types of loans except credit cards. Contact a loan officer for more details and coverage limits.
Credit Disability Insurance
This insurance will pay your payments in the event that you become disabled to the point that you can no longer work.
Credit Disability Insurance is available on all types of loans except credit cards. Contact a loan officer for more details and coverage limits.
Mechanical Breakdown Coverage
Did you know that, statistically, one in three vehicles has a mechanical failure in a given year? J.D. Power & Associates reports that the average 2007 model car has 125
problems per 100 vehicles! For several years extended automobile warranties have been available, many are quite expensive. Piedmont Credit Union is pleased to offer an affordable Mechanical Breakdown Protection Program through Route 66.
Our Route 66 Mechanical Breakdown Protection Program has a $0 deductible, 24/7/365 Roadside Service, rental car benefits, 30-day money back guarantees, nationwide coverage, and is fully transferable. Plans start around $900 and can cover almost any car with any mileage. There are, of course, different plans and different levels of coverage.
You can purchase a Mechanical Breakdown Protection Program at any time, even if you don’t have a loan on your vehicle, and your vehicle does not currently have to be under a factory warranty. For a quote or for more details, just write down your car’s mileage and contact one of our loan officers.
GAP (Guaranteed Auto Protection)
If your vehicle is in an accident and is declared a total loss, the majority of insurance companies will only pay up to the book value of the vehicle. Since new cars
drop in value the moment they leave the car lot, the book value is often less than the amount that is owed. If a car is wrecked the borrower is responsible for the difference of what the insurance company pays and what is owed on the car. GAP pays this amount for you if your vehicle is wrecked.
EXTRA BONUS:If you have to use GAP, it even gives you a $1,000.00 down payment on your next auto loan with Piedmont Credit Union. First the loan is made and then it is submitted to our GAP provider who in turn sends a check for $1,000.00 to pay down on your loan.
GAP is available for automobile, truck, SUV, and Van loans. Motorcycles, RV's, and Boats are not eligible for GAP coverage. For more details and current pricing on GAP contact a loan officer.