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​gap insurance

Sleep easy knowing you have Guaranteed Asset Protection (GAP) for your vehicle. GAP is designed to eliminate your unpaid net loan/lease balance in the event your vehicle is stolen or damaged beyond repair (totaled). SVFCU offers optional Gap Protection Insurance for all vehicles with a SVFCU loan.

Your Cost with SVFCU: $250.00
Dealer Charge: $600.00 - $900.00

A vehicle's value often declines much faster than your loan balance. If your car is wrecked or stolen and not recovered, you may be in for an unpleasant surprise. The insurance settlement may be several thousand dollars short of paying off the balance.

What is Gap Insurance?

Gap Insurance is the coverage which pays the difference between the actual cash value of the vehicle and the loan payoff cost when your primary coverage for total loss from theft or collision is inadequate.

Gap offers peace of mind from an unexpected financial burden in a time or emotional stress. It eases the transition into a replacement vehicle, without the need to payoff an outstanding balance.

Gap Protection will pay off your remaining loan balance when the insurance settlement for a total loss is less than what you owe.

Eligible Vehicles:

New and used automobiles (including refinances) up to a maximum Gap of $15,000.00 in loss per occurrence up to a maximum of 125% of NADA value, up to six (6) years.


A $500.00 physical damage insurance deductible is required.

In the event of a total loss,you must notify SVFCU and contact your primary insurance carrier. You must cooperate with SVFCU to obtain the maximum amount for actual cash value of the vehicle from the primary insurance company.

*The Gap Waiver does not apply to losses caused by occurrences not covered by the primary insurance company or occurrences arising out of racing, speed contest, confiscation, or an intentional act of destruction by the borrower.