Guaranteed Asset Protection for financed vehicles
The reality is, the value of your vehicle depreciates as soon as you buy it.
Guaranteed Asset Protection (GAP) cover will protect you if your vehicle is written off or stolen and the standard insurance payout is less than the amount still owing on your loan.
We will cover up to a $10,000 shortfall so you won't be left paying off a loan for a vehicle you no longer have!
Choose from 3 different cover levels:
- Basic: covers the shortfall
- Silver: covers the shortfall plus an additional $1,000
- Gold: covers the shortfall plus an additional $2,500
You simply pay a one-off premium at the commencement date of the policy which covers the duration set out in your original loan agreement (up to a maximum of 5 years).
Refer to the GAP Policy wording for full terms, conditions and exclusions.
If you are financing your vehicle with First Credit Union, ask us about GAP cover and how the premium can be included in your vehicle loan.