Gap Insurance Explained
How does gap insurance work?
Your Gap Insurance Policy eliminates (pays off) the difference between the actual cash value of your vehicle and the remaining balance of your loan.
If your car is stolen and never recovered or declared a total loss due to an accident, your auto insurance company will pay the actual cash value of the car.
The actual cash value can be a lot different from what you still owe on your loan. Without gap insurance you are still responsible for paying the difference between the actual cash value and the amount left on the loan. This might mean having to come up with hundreds, and more likely, thousands of dollars to pay that debt.
Gap insurance eliminates that difference and thus, the need for you to pay the difference.
Gap Insurance Through KALSEE : It's a Bargain - Here's Why:
The cost of KALSEE gap insurance policy is a one time low fee of $229.00 for the life of the loan. This is a bargain when compared to car dealerships, which typically charge upwards of $500.00 for a gap insurance policy.
As an additional value, a KALSEE gap insurance policy pays you an additional $1,000 toward the purchase of a replacement vehicle when you finance through KALSEE Credit Union.
To find out more about GAP Insurance, please feel free to call KALSEE Credit Union at 269.382.7800 or toll-free at 877.KALSEE1.