Mind the GAP and help your members avoid financial hardship

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Anthony Cox Anthony leads all property and casualty operations for Securian Casualty, a Securian Financial Group, Inc. company. His responsibilities include direct oversight of premium administration and claims, and he plays an … Web: https://www.securian.com Details Even the most cautious driver can get into an accident that causes financial hardship. Guaranteed asset protection (GAP) coverage can provide your members with peace of mind and financial security.What is guaranteed asset protection (GAP)?Guaranteed asset protection coverage protects a member’s investment in a vehicle if the worst-case scenario were to happen. If the vehicle were to be stolen or declared a total loss after an accident, their auto insurance settlement may not cover the full cost to pay off their loan or lease. If a member has GAP coverage, it would pay the difference between the value of their vehicle at the at the time of loss and the remaining loan or lease balance. Specifically, it is designed to cover the “gap” between the vehicle’s value and the amount you still owe on your loan or lease, subject to certain limitations and conditions.1How GAP worksGAP protection is a cancellation or waiver of a member’s remaining loan balance with your credit union. GAP is in addition to any payout they would receive from comprehensive or collision coverage through their auto insurance policy or if their vehicle is totaled or stolen. Some GAP products will also cover their auto insurance deductible.An example of how GAP worksJohn has a car accident and his one-year-old financed vehicle is a total loss beyond repair. His loan balance is $15,000. His auto insurance company settlement, based on his vehicle’s market value at time of loss, is $11,000.His insurance deductible is $1,000.The total amount he would owe without GAP is $5,000.The total amount he owes with GAP: $0.What GAP coversMany new or used vehicles are often eligible for GAP, but GAP can cover more than just your car. It can also cover:Jet skisMotorcyclesBoatsSnowmobilesATVsTravel trailersMotorhomes/RVs What GAP does not coverVehicle payments due to repossession, financial hardship, job loss, disability or deathRepairs or a rental car while undergoing repairsDown payment for a new vehicleExtended warranties added to the loanHow GAP works with depreciationA new vehicle can lose up to 10 percent of its value once a person drives it off the lot. By the end of the first year, that car will lose an additional 10 percent on average.3Typically, auto insurance pays only what a vehicle is determined to be worth at the time of loss. When more is owed on a loan or lease than the assessed value of the vehicle, GAP covers the difference. When members really need GAPIf a member buys a vehicle that depreciates quickly, they should consider GAP coverage.  GAP may also be worth considering if a member4: Makes a smaller down payment (less than 20 percent) – or none at allFinances a car loan beyond 60 monthsDrives a lot of miles per year, which reduces a car’s value more quicklyLeases a car (in which case, GAP is usually required)     How to provide GAP to membersWhen members come to you for a vehicle loan, they can purchase a GAP waiver at the same time. By incorporating GAP payments into their auto loan, they can spread the payments for the coverage over time rather than paying one lump sum. Remind members, if they do add the coverage to their loan, they will be paying interest on it and the protection is fully refundable within the first 60 days. Thereafter, it’s dependent upon the terms of their contract. Don’t leave a gap for your members. Take time to find out how you can help borrowers protect themselves.  Disclosures:GAP is a loan deficiency waiver, not an insurance product. Less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. See the GAP Waiver Addendum for all terms, limitations and exclusions. CarInsurance.com, “5 tips for buying GAP insurance for your new car,” Mark Smith, June 2017CARFAX.com Car Depreciation: 5 Things to Consider  May 2017NERDWALLET, “Gap Insurance: What It Is and Who Needs It,” September 2017last_img read more

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West Ham prepare mega offer for Nandez

first_imgWest Ham have apparently made a huge offer to Cagliari for midfielder Nahitan Nandez, according to SportItalia. Loading… Promoted ContentBirds Enjoy Living In A Gallery Space Created For ThemTraditional Wedding Outfits In Different Countries5 Of The World’s Most Unique Theme ParksWho Earns More Than Ronaldo?8 Things That Will Happen If An Asteroid Hits Earth10 Risky Jobs Some Women Do7 Facts About Black Holes That Will Blow Your MindTarantino Wants To End His Career With This Movie?The 10 Best Secondary Education Systems In The WorldThis Guy Photoshopped Himself Into Celeb Pics And It’s HystericalThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical5 Of The World’s Most Unique Theme Parks It would comprise of a €8m loan plus an obligation to buy at €35m if they survive relegation from the Premier League, taking the total to €43m. The 24-year-old only arrived in Cagliari last summer from Boca Juniors, but has played an instrumental role in the Sardinian side’s rise up the table this season. Read Also:Nzonzi to choose Rennes over West Ham, Aston Villa Nandez has made 20 appearances in Serie A for Cagliari this season, scoring once. FacebookTwitterWhatsAppEmail分享 It was reported some days ago that the Hammers had tabled a €40m deal for the Uruguayan international. However Alfredo Pedulla of SportItalia now suggests that the east London club have prepared a mega offer for Nandez.Advertisementlast_img read more

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‘China spying on PH through POGOs’

first_imgMeanwhile, Makati City police on Mondaysaid that the PLA IDs recovered from the Chinese shooters were not theirs. Sen. Richard Gordon made the inferenceafter information that the suspects in the shooting incident in Makati Citylast week carried PLA identification cards. MANILA – Members of the People’sLiberation Army (PLA) of China have allegedly used the Philippine offshoregaming operators (POGOs) in the country for intelligence gathering. “Hindirin member ng People’s LiberationArmy or Chinese military ang mgasuspects,” Makati City Police chief Police Colonel Rogelio Simon said. “Naniniwalaako na infiltrated ‘yan (POGO) ng PLA dahil ang laki-laki niyan. Ilagaymo na lang 200,000 ‘yan nanagtatrabaho dito, nakatigil dito,” Gordon said in an interview with DZBBon Monday. The Philippines has a territorialdispute with China involving parts of the vast South China Sea where someislands were guarded by Chinese ships. “The PLA are the biggestintelligence agency, mas malaki pa saAmerika,” added the senator. “Nakakabahalaitong nangyayari. Nagkakaroon sila ng baril, ng firing range. Nagkakapatayan sila (Chinese).” Gordon also pointed out that the Chinesespies were probably out to determine invasion areas and to ascertain thelocation of Philippine military bases, among others. “Nakuhanan lang sila ng mga personal belongings na may mga ID ng sinasabing identification cards ng PLA o Chinese army pero hindi sila ang mga sinasabing nasaID. Iba ang mga pangalan at iba rin angmga mukha,” he added./PNlast_img read more

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