Coverage that performs when your vehicle doesn't
More than a jumble of letters, GAP and MRC can mean big numbers – especially when your vehicle is out of commission. Here's an introduction to what they are, when they can help, and how they've saved members money.
Guaranteed Asset Protection* (GAP)
If your vehicle is totaled or stolen, your insurance settlement will be based on the vehicle's actual cash value, not based on the auto loan you may owe for that vehicle. Instead of forcing you to pay the full deficit in a pinch, GAP is designed to protect your vehicle investment and help you cover your remaining loan or lease balance – potentially saving you thousands.
Most years, an average claim pays out between $1,500 and $2,500 for our members and, in many cases, these claims are made within the first 12 months of purchasing the vehicle! Imagine the peace of mind – having the coverage they needed, exactly when they needed it.
Mechanical Repair Coverage** (MRC)
Your auto insurance policy and factory warranty will only cover specific incidents and repairs. Both for new and used vehicles, MRC plans supplement your auto protection and extend beyond the manufacturer's warranty to help you cover costly repairs caused by mechanical or electrical failures. Depending on which plan you choose, you could get MRC coverage for everything from electrical problems to tires to your cooling system and even your engine!
Each year, GAP and MRC save drivers thousands of dollars in potential losses and vehicle repairs. Remember, the next time you lease a vehicle or apply for an auto loan, speak with Visions about auto protection. It's not car insurance, but it could be just as important.
Click here for more information about GAP, MRC, and auto protection.
*Purchase of MEMBERS CHOICE– Guaranteed Asset Protection (GAP) is optional and will not accept 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 may cancel GAP at any time. If you cancel GAP within 90 days, you will receive a full refund of any fee paid.
**Provided and administered by Consumer Program Administrators, inc. Financing is not a requirement for eligibility. New and used vehicles may be eligible. Certain benefits may not be available in some states due to state law restrictions. Cancellation provision and administrative fees vary by state.
