Protect Your Investment
You might think your auto insurance provides all the protection you need if your vehicle is stolen or damaged beyond repair. You could be in for an unpleasant surprise.
While auto insurance covers the replacement value of the vehicle, you remain liable for the difference between the insurance payment and the remaining loan balance – which can amount to thousands of dollars.
Newly purchased vehicles depreciate the second they’re driven off the dealer’s lot. The average car depreciates thousands per year. When a vehicle is stolen or totaled in an accident, you could owe more than the vehicle is worth.
Belco offers Guaranteed Asset Protection (GAP) Plus, which pays the difference between the outstanding loan balance and auto insurer’s settlement, in the event your vehicle is stolen or totaled. Belco’s GAP Plus also provides $1,000 toward the purchase of your next vehicle, if financed with Belco within 60 days of the claim.
Belco’s GAP Plus can cover loans secured by
- Motor Vehicles (passenger cars, vans and light trucks)
- Power Sports (motorcycles, ATV’s, snowmobiles, personal watercraft/jet skis)
- Watercraft (boats)
- Recreational Vehicles (All RV’s/Campers/Motorhomes)
You get all of this protection for a small flat fee. Check your options before shopping for your next auto. Stop by any branch or contact us at 800-642-4482 for more information or to add GAP protection to your existing vehicle, motorcycle or RV loan.