What is GAP?

If the value of your car is lees than the balance of your auto loan, you're "upside down," and there is a gap that is not covered by standard insurance. This difference requires a special type of protection called GAP.

Do you need GAP protection?

A car starts depreciating as soon as you buy it, but never more than when you drive it off the lot  - turning it from a "new" car to a "used" car. To estimate the anticipated depreciation and potential GAP risk, please contact your IFCU loan representative and ask to receive a GAP Risk Illustration through the VisualGAP system.

GAP Benefits:

  • IFCU offers one the lowest GAP costs in the area.
  • Protects against financial loss in the event of unrecovered theft of the vehicle or if the vehicle is declared a total loss.
  • There are no model or year limitations.
  • Protection up to $100,000 – limited exclusions apply.
  • Debt may be protected up to $50,000.
  • Deductibles may be covered up to $1,000.
  • Coverage is available for the term specified in the agreement, up to 84 months.
GAP is available to any IFCU member who is purchasing a vehicle or in the process of refinancing from another financial institution. This coverage terminates at the maturity date of the loan, or can be cancelled within a certain time period.

Please consult with an IFCU representative to learn more about the specific terms and conditions involved with GAP.