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Guaranteed Asset Protection (GAP)

If your vehicle is deemed a total loss due to an accident or theft, GAP Plus can cover the difference between what you owe on your loan and what your insurance will cover up to 130%.

If a covered vehicle is totaled, GAP Plus will give you $1000 toward your next vehicle loan of the same type financed at ICCU within 6 months. GAP Plus also provides insurance deductible reimbursement up to $1000 in the event of a covered damage claim.

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The product is loan-specific. It cannot be purchased to cover/protect a loan for which the credit union not the lien holder to nor a loan for which the asset is not the collateral to.

This product includes a 90-day trial period, i.e. a "free look" period. Borrower has 90 days from the date of enrollment to cancel the protection and receive a free refund with no cancellation fee. (Refund is credited back to the loan if there is an outstanding loan balance.) After 90 days, no refund is available to the borrower.

Eligible Assets:

  • Private passenger cars, light trucks, & vans 20 model years or newer.
  • New & Used Motorcycles, ATV, Snowmobiles, & Personal Watercraft (i.e. jet ski).
  • New & Used Watercraft including Inboards, Outboards, Inflatables, Jet Drives, Houseboats, Sailboats, & Stern Drives.  
  • New & Used RVs including Conventional trailers, Fifth wheel, Travel trailer, Folding camping trailer, Truck camper units, and A, B, & C motor homes.

Note: All of the above to be used for Personal use.

Your purchase of MEMBERS CHOICETM Guaranteed Asset Protection (GAP), which includes deductible assistance, is optional and will not affect your loan application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of your monthly payment. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state-chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and nonrefundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state-chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state-chartered credit unions in IN may be without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP-3395224.1-0121-0423 CUNA Mutual Group ©2021, All Rights Reserved.