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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Alvin Boggs September 20, 1937 – January 20, 2020

first_imgAlvin Boggs, age 82 of Brookville, Indiana passed away Monday, January 20, 2020 at Hospice of Cincinnati in Hamilton, Ohio. Born September 20, 1937 in Lynch, Kentucky the son of Charlie and Mattie (Sandlin) Boggs.Alvin a graduate of Taylor High School married Margaret Holman July 20, 1971 in Lawrenceburg, Indiana. Alvin worked for Cincinnati Gas and Electric (CG&E) as a Field Supervisor for many years and was a member of Trinity Christian Center in Lawrenceburg, Indiana.Alvin is survived by his wife Margaret Boggs, children Oscar (Deborah) Oakley, Gail Brown, Curt Boggs, Carol (Kurt) Jauch, Todd Boggs and Melody (Curt) Philhower. Grandpa of 12 and great grandpa of 26.Alvin is preceded in death by his parents Charlie and Mattie Boggs and son Troy Boggs.Visitation will be held Thursday, January 23, 2020 from 11:00 A.M. until time of funeral services at 1:00 P.M. with Pastor Corey Potts officiating all at Jackman Hensley Funeral Home 215 Broadway Street Harrison, Ohio 45030. Burial will follow at Glen Haven Cemetery in Harrison, Ohio.Memorials may be directed to American Cancer Society c/o the funeral home.last_img read more

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PSG draw at Amiens after remarkable comeback

first_imgRelatedPosts Aguero could be out of action until November, Guardiola says UCL: Benfica kicked out by player who left club one week earlier + other results MultiChoice unveils sport channels, content line-up A second-string side by Paris St-Germain were held to a 4-4 draw at struggling Amiens in Ligue 1 on Saturday. After erasing a three-goal deficit, they then went on to concede a stoppage time-equaliser. The result left PSG 13 points clear of second-placed Olympique de Marseille after manager Thomas Tuchel rested several regular starters. This was done ahead of Tuesday’s first leg tie of their UEFA Champions League last-16 clash with Borussia Dortmund. The makeshift line-up, with midfielder Ander Herrera playing in an unfamiliar right-back role, looked all at sea in the opening half. This was after goals from Serhou Guirassy, Gael Kakuta and Fousseni Diabate gave 19th-placed Amiens a 3-0 lead. Guirassy fired Amiens ahead with a crisp fifth minute finish and Kakuta made it 2-0 with a rasping shot from 18 metres, which gave visiting goalkeeper Keylor Navas no chance. A huge shock seemed on the cards as Diabate capped a jinking run through the middle with a low shot which went in off the post. But Herrera pulled one back for the French champions on the stroke of half-time when he steered in a Julian Draxler corner kick. The Spaniard’s goal helped turn the match as a pair of headers from centre-back Tanguy Kouassi levelled the scores inside the opening 20 minutes of the second half. Amiens had again been undone by set-pieces as Draxler swung in another corner-kick for Kouassi to rise above his marker and head intot he net. Five minutes later, the defender met Angel Di Maria’s cross at the far post to silence the home fans. With Amiens on the back foot, it was no surprise that PSG grabbed a 4-3 lead in the 74th minute. Mauro Icardi popped up at the far post and tapped in a fine low cross by Juan Bernat. But the visitors then missed several gilt-edged chances with Edinson Cavani, who was looking for his 200th goal for PSG in all competitions, particularly guilty of poor finishing. His astonishing miss in the dying minutes was punished moments later at the other end. Guirassy levelled with a fine finish from inside the penalty area after he was put through by substitute Quentin Cornette. In the evening’s most entertaining fixture, ninth-placed Girondins Bordeaux missed a chance to move into the top six as they were held to a 2-2 home draw by Dijon. The visitors dropped one place to 18th. Mounir Chouiar fired Dijon ahead early on when he capped a fast break and then salvaged a point for the visitors in the closing stages with a delightful shot. That was after Bordeaux’s Hwaing Ui-Jo and Jimmy Briand had cancelled out his opener. Bottom team Toulouse are staring at relegation after a 2-0 home defeat by Nice, who are eighth, left them 14 points adrift of the safety zone. Nimes beat visiting Angers 1-0 to climb out of the bottom three. Marseille visit fourth-placed Lille and Stade Reims are at home to Rennes, who are third, in Sunday’s stand-out fixtures. Reuters/NAN.Tags: AmiensMauro IcardiPSGThomas TuchelUEFA Champions Leaguelast_img read more

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