Gap Coverage

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Fill in the Gaps

Gap coverage is optional, and it covers the difference between what you owe on your vehicle loan and the actual cash value (ACV) of your vehicle in the event it’s totaled in an accident. This difference is referred to as the “gap”.

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Do You Need Gap Coverage?

When it makes sense to consider gap coverage:

The short answer is — when the actual value of your car is less than your loan.

Here’s an example: Let’s say you paid $30,000 for a new car and got in an accident a few years later where your car is considered a total loss. As you may know, cars lose value somewhat quickly. The market value on your car is now $15,000, but you still owe $20,000 on the loan. The $5,000 “gap” is money you’d still owe your lender. Gap coverage would pay for or help cover that difference for you.

When you don’t need gap coverage:

If you own your automobile outright or the vehicle is worth more than you owe, either through a loan or a lease, gap coverage is not necessary.

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As a not-for-profit credit union, we return our profit to those who bank with us in many ways—like better rates, lower fees and our Profit Payout1. This year we gave back a record-breaking $9 million to our members. See how having insurance with us could help you grow your share.
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The CommunityAmerica Insurance Agency is committed to operating a sustainable, green business. To do our part in our community, we also contribute to a number of local environmentally friendly organizations.   
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Insurance products may be sold through CommunityAmerica Insurance Agency, LLC, a wholly owned subsidiary of CommunityAmerica CUSO One, LLC and a licensed insurance agency in Missouri and Kansas. Insurance products:


Are Not Federally Insured

Involve Investment Risk

May Lose Value

Are Not Obligations or Guaranteed by the Credit Union