Frequently Asked Questions | Insurance
Yes. Your savings are federally insured to at least $250,000 per separately titled account and backed by the full faith and credit of the United States Government. The National Credit Union Administration (NCUA), an independent agency of the U.S. Government, manages the National Credit Union Share Insurance Fund which provides federal insurance. This fund is one of the safest you'll ever find and is not funded by taxpayer dollars.
We offer credit life and credit disability insurance on most loans. These products are designed to protect you and your loved ones should you become ill or should death occur. We also offer Guaranteed Auto Protection (GAP). This product is designed to protect you if your vehicle is totaled or stolen.
Credit insurance can help ease the financial stress that comes with unexpected hardships, credit life insurance can pay off a loan in case of death and credit disability can make your monthly payments for as long as you are unable to work due to a covered disability. The coverage for the insurance costs just pennies a day, and premiums are added to your loan balances each month.
Separate insurance coverage is available for Individual Retirement Accounts (IRAs). Changes in 2006 increased the coverage for accounts in this ownership category to $250,000.
If a vehicle is totaled or stolen, your primary insurance company settlement can be significantly less than the outstanding loan balance. This may create a deficiency balance or a "gap" resulting in a serious financial hardship for you. GAP insurance is designed to relieve you of the responsibility for the remainder of the loan balance that your primary insurance carrier does not cover.
The remainder of the loan balance (plus your primary insurance deductible up to $1,000). The portion of the Unpaid Net Balance attributable to the original Installment Loan amount exceeding 150% of the Manufacturer's Suggested Retail Price (MSRP) on new vehicles or 150% of NADA (National Automobile Dealers Association) Retail on used vehicles will not be waived.
Refundable portions of credit life/credit disability insurance, late fees, unearned interest after the date of loss, and amounts added after the loan inception.
Terms longer than 84 months.
Yes. GAP insurance may be added to an existing loan for up to one year from the original loan date.
The primary borrower is eligible for coverage. If the loan is joint, the co-borrower is not eligible for the ADR benefit.
Only passenger vehicles (cars, trucks, vans, non-commercial, four wheel autos only) that the primary borrower owns (i.e. titled or registered) AND insures (i.e. Named Insured) are eligible for coverage; does not cover vehicles such as motorcycles, boats, and RVs.
$500 per loss and limit of 2 losses per 12-month period.
To file claims the borrower should call 1.877.296.4892. A form must be completed and sent back to the claims area along with the required documents. When the claim is approved, reimbursement checks will be sent directly to the borrower.