Members Choice ® GAP Insurance (Guaranteed Asset Protection)
GAP insurance protects against financial loss in the event that a vehicle is damaged beyond repair (totaled) or stolen and never recovered. With GAP, the covered deficiency balance is then waived. Anyone who finances a new or used vehicle with Altana is eligible to purchase this optional insurance for their loan.
| Features | Benefits |
|---|---|
| Optional insurance – You pay the premium | Peace of mind |
| Can be paid at the time of loan closing or built into loan payments. | Convenient, affordable |
| Coverage may be added at any time during the life of a qualifying loan. | Convenience |
| Vehicle will be covered through the term of the loan up to a maximum of 84 months | Peace of mind |
| Coverage can be cancelled within 90 days and full refund is issued with no fee | Peace of mind |
| Available for private passenger: cars, vans, light trucks; and power sports: motorcycles, ATVs, snowmobiles and personal watercraft | Peace of mind |
| Maximum claim benefit is $50,000 | Protection |
| Maximum vehicle value is $100,000 | Protection |
| Primary insurance deductibles covered up to $1,000 | Peace of mind |
| Delinquent payment coverage up to 60 days prior to date of loss | Peace of mind |
| Repossession coverage up to 60 days | Protection |
| Optional payment methods – check, cash, credit card or can be included into monthly loan payment | Convenient |
