Guaranteed Asset Protection (GAP)

In the first few years of ownership your loan balance may be higher than the value of your vehicle, especially if you put down a small or no down payment.

If your vehicle is stolen or totaled in an accident, your insurance company will typically only pay Actual Cash Value. You will be responsible for payment of the difference between the insurance settlement and the loan balance and Guaranteed Asset Protection (GAP) helps bridge the difference.

For just a few dollars a month, GAP will bridge the difference.*

  • Protects you from financial loss
  • Pays benefits up to $50,000
  • Covers your deductible up to $1,000
  • Protects your credit rating
  • Gives you peace of mind

GAP is available through your credit union for these vehicle types:

  • New or used cars, vans, pickups, and light trucks
  • Motorcycles
  • Recreational vehicles
  • Boats

GAP is made available to members two ways:

  • For a one-time fee at the time you finance your vehicle. You can even include GAP as one of the items you finance.
  • GAP may be available for your existing Virginia Credit Union vehicle loan. Additional qualifications must be met. Please contact Member Services at (804) 323-6800 or (800) 285-6609 for details.

How GAP Could Help You

A member recently "totaled" her car. She was worried that she wouldn’t qualify for another car loan because she still owed a balance on her loan after the insurance company had made their payment.

Fortunately, this member had purchased Guaranteed Asset Protection (GAP) when she applied for the loan. GAP paid off her remaining loan balance and she was able to afford a new car!

Please contact Member Services at (804) 323-6800 or (800) 285-6609 to learn more about low-cost GAP coverage for your vehicle.


*Certain exclusions may apply. This product is provided to members through other independent companies for the benefit of Virginia Credit Union members.