While insurance of your vehicle is mandatory, there are other protection safeguards. While optional, they are worth serious consideration. These types of protection can help repay lour loan in the event of disability. They can help repay your loan in the event a total loss accident leaves you owing mnore than the vehicle is worth. They can even supplement your mechanical warranty. For your convenience, these options can easily be included in your monthly loan payment.
Here are some types of protection that can help prepare for the unexpected:
If your vehicle is declared a total loss after an accident or theft, it’s likely your insurance will fall short covering the full balance of your auto loan. This leaves you to pay off the remaining loan balance on a vehicle you can no longer drive. GAP can pay up to the remaining balance of your auto loan after an insurance payout, protecting you from a financial loss. Plus, GAP will provide a set allowance towards financing a replacement vehicle.
When an unexpected tragedy occurs, Payment Protection can pay off your financed loan in the event of death, or make payments on your behalf if you became disabled. In this day and age, the loss of a paycheck — even temporarily — could cause financial ruin. Payment Protection gives you the kind of security you need in our uncertain world.
Major Mechanical Protection
Vehicle repairs can be expensive — even the smallest repair can cost hundreds of dollars. While most new vehicles are covered by a manufacturer’s warranty, that coverage won’t last forever, and most used vehicles aren’t covered by any type of warranty.
Major Mechanical Protection (MMP) can help cover the expense of unexpected vehicle repairs and protect your budget from high out-of-pocket expenses. Even the most dependable vehicles can experience significant repair costs. By adding MMP, you can gain peace of mind knowing you’re protected for the road ahead!
Learn more about vehicle protection here.