How to protect your auto loans with GAP, MBI and MVP Insurance

You did it! You’ve purchased a new car and are ready to hit the open road.

But did you protect your investment in case the worst happens? This means more than just buying regular auto insurance and purchasing a higher coverage amount. This means buying insurance and loan protection that will extend the value of your car and protect it should a massive breakdown occur.

Here are some products offered that new car owners can purchase to help protect their auto loan and their vehicle in case of a mechanical breakdown or a total loss of the vehicle due to an accident.

Guaranteed Asset Protection

This type of insurance protects you if the value of your vehicle drops below the amount you owe on the loan. For example, if you get into an accident and your vehicle is totaled, insurance companies will only pay the current value of car, not what you owe on the loan. So if the value is $10,000 but you still owe $12,000 on the loan, you would face a $2,000 difference. GAP insurance covers this difference to ensure you aren’t on the hook for what’s dead money on your note.

Visit GAP

Mechanical Breakdown Insurance

This insurance covers certain repairs to your vehicle, after a deductible is paid, and is designed to save you hundreds or even thousands of dollars in repair costs. It’s important to read what each MBI insurance plan offers so you’re aware of the requirements and limitations before you buy it.

Visit MBI

Member-Valued Protection

This insurance can be purchased any time throughout the life of the auto loan. It will pay your monthly payments if you become involuntary unemployed or go on disability. Also, it’ll pay off your car loan in the event of a loss of life.

Visit MVP

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