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Loan Coverage Options
Credit Life pays off your loan in the event of death
Credit Disability makes your loan payment if you’re unable to work, thereby protecting your credit rating and your family’s finances
Coverage can typically be added to your loan for just dollars a month
These insurance products pay off your loan in the event of death or disability. Some restrictions apply, so contact an EdCo loan officer at 515.274.4100 for more information today!
Guaranteed Asset Protection (GAP)
In today’s world cars are depreciating faster than people are paying off their vehicle loans. This means that in the event you are in an accident and your vehicle is totaled you may owe more on your vehicle than the insurance is willing to give you to pay off the loan. GAP insurance can help protect you in the event that your vehicle is lost, stolen, or totaled. For a one-time cost, you will be covered for the difference of the market value of your vehicle and what the insurance will give you in the event of a loss.
With the GAP Advantage you automatically get $1,000 to use on the purchase of your next vehicle as long as you finance with EdCo Credit Union within 90 days.
Our GAP Includes Auto Advantage Deductible Reimbursement Insurance!
EdCo Credit Union is proud to now offer our members an Auto Deductible Reimbursement Insurance that will help cover out-of-pocket expenses, such as your insurance deductible, when you have an accident or mishap with your vehicle.
Here are a few of the details:
- Pays up to $500 per loss when a claim is filed and paid with primary insurance carrier
- Loss means an event for which the auto insurance company has approved & paid a claim which exceeds the Covered Auto Deductible for a collision or comprehensive claim.
- Coverage is effective upon date of enrollment and will continue for three (3) years.
Not only does this insurance cover deductibles for the vehicle you have a loan on but it will also reimburse you for insurance deductibles that you have to pay on all other vehicles, as long as those vehicles are titled in the same person’s name that is listed on the GAP policy.
Mechanical Breakdown Protection
Mechanical Breakdown Protection offers a complete line of coverage designed to keep your vehicle on the road.
- 24/7/365 Emergency Roadside Service
- 30-Day Money Back Guarantee
- Rental Car Allowance