{"id":16527,"date":"2017-08-13T06:29:43","date_gmt":"2017-08-13T06:29:43","guid":{"rendered":"http:\/\/memberfirst.net\/new\/?page_id=16527"},"modified":"2018-05-03T01:47:45","modified_gmt":"2018-05-03T01:47:45","slug":"gap-faqs","status":"publish","type":"page","link":"https:\/\/www.memberfirst.net\/dp\/gap-faqs\/","title":{"rendered":"Gap FAQ\u2019s"},"content":{"rendered":"

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GUARANTEED ASSET PROTECTION FAQ\u2019S<\/strong>
\nIt has been reported that as many as 9 out of 10 people have never heard of Guaranteed Asset Protection or Gap Insurance as it usually called. This is perhaps due in some part to most people\u2019s general aversion to discussions about insurance. Regardless, the simple fact remains that Guaranteed Asset Protection can be a powerful tool.<\/p>\n

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Automobile Guaranteed Asset Protection is an interesting development in the world of auto insurance. This specific type of insurance came into being primarily because of the ever-rising costs of new vehicles. In the early 1980s, automotive dealerships began offering Guaranteed Asset Protection insurance as a way for consumers to ensure that should their vehicle be totaled, they would have a means for covering the difference between the vehicles current \u201cfair market\u201d value and what they still actually owe on the vehicle.<\/p>\n

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It is a well-known fact that vehicles lose some of their value as soon as they are driven off the lot, but many aren\u2019t aware that a vehicle can lose as much as 30 percent of its value immediately! More and more consumers are purchasing vehicles with little or no money down.<\/p>\n

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Purchasing a vehicle with little or no money down could put you in a potentially dangerous financial situation should a total loss occur. You could end up owing thousands of dollars on a vehicle you no longer own. Having Guaranteed Asset Protection (Gap) coverage can be a real lifesaver.<\/p>\n

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Knowledge Is Power
\n<\/strong>Here\u2019s how many of us who are involved in a serious accident get a very expensive lesson….<\/p>\n

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Let\u2019s look at the case of a fellow member. The member bought a SUV a year ago for $29,000 and financed all of it.<\/p>\n

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With taxes and finance charges added, the total amount owed was $34,000.<\/p>\n

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One year later, the member is involved in the accident and the SUV is considered a \u201ctotal loss\u201d. So, the insurance company begins the process of settling the claim.<\/p>\n

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The member had the SUV for 1 year \u2013 and still owes $31,400.<\/p>\n

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When the Insurance Company sends out the settlement check, but it\u2019s only for $26,576.00.<\/p>\n

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Yep, $26,576.00 \u2013 and that\u2019s all the member is going to get. Why \u2013 because the insurance company is only required to pay the Actual Cash Value or \u201cACV\u201d of the vehicle at time of loss.<\/p>\n

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You see, the SUV has depreciated. No surprise there \u2013 it happens to every vehicle sold, no matter what brand it is.<\/p>\n

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So, what happens to the member? Well, the insurance company is only giving the member $26,576.00. The member still owes $31,400.00 on the totaled SUV. That\u2019s a $4,824.00 difference the member owes on a vehicle they no longer own.<\/p>\n

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In this situation, the member would have to pay the lender $4,824.00 for a car they no longer own, roll this balance on top of their new vehicle loan. Either way not a good outcome. If your vehicle was totaled, what would you owe?<\/p>\n

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Protect Your Vehicle Like You Insure Your Home<\/strong>
\nOK \u2013 just a few brief explanations of what this is all about…and what you need to consider. Here\u2019s how all this works.<\/p>\n

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Most folks have Homeowners or Rental insurance. But for real expensive items, like expensive jewelry, you need to add what\u2019s called a \u201cRider\u201d to your Policy. The reason \u2013 Insurance Companies won\u2019t cover those type of items as part of a regular insurance policy.<\/p>\n

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So, you have to pay an extra $10 or $15 a month to have those items fully covered by the \u201cRider.\u201d If anything, ever happens, to the Home or the Jewelry, everything is replaced. Paid in-full!<\/p>\n

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However, vehicles are treated totally different by the Insurance Companies. If your vehicle is involved in an accident, stolen, or damaged in any way and your Insurance Company declares it a Constructive Total Loss, you could be in for a surprise.<\/p>\n

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Almost all vehicle insurance policies have this short clause buried somewhere in all that legalese \u2013 \u201cIn the event of a total loss, the policy holder will receive the Actual Cash Value of the vehicle, minus any deductible\u201d<\/p>\n

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Did you catch the 3 very expensive words in that clause? The 3 words are \u2013 \u201cActual Cash Value.\u201d<\/p>\n

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Actual Cash Value means you\u2019re going to get a get a check for \u201cWhat it\u2019s worth\u201d \u2013 not \u2013 \u201cWhat you owe\u201d<\/p>\n

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More than 95% of us driving today don\u2019t have a clue about this. Those that do know about this problem have already put a \u201cRider\u201d on their vehicle.<\/p>\n

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A Rider for your vehicle is called Guaranteed Asset Protection or Gap. It\u2019s just like the Rider for your Home \u2013 except it\u2019s only for cars, vans, trucks or SUV\u2019s.<\/p>\n

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It covers What You Owe \u2013 not \u2013 What it\u2019s worth.<\/p>\n

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It doesn\u2019t matter what the reason is \u2013 if your vehicle is ever totaled due to theft, fire, accident, flood, tornado, vandalism, hurricane, or even gets stolen \u2013 it\u2019s covered \u2013 and paid-in-full!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/vc_column_text][vc_empty_space height=”50px”][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”center” background_image=”16318″ background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”100px”][vc_column_text]<\/p>\n

SPEAK WITH YOUR LOAN OFFICER TODAY!<\/span><\/h4>\n

[\/vc_column_text][vc_empty_space height=”10px”]DROP US A MESSAGE<\/a>[vc_empty_space height=”10px”][vc_column_text]<\/p>\n

WE WILL DO WHAT WE CAN TO ASSIST YOU<\/span><\/strong><\/p>\n

[\/vc_column_text][vc_empty_space height=”100px”][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”30px”][vc_column_text] GUARANTEED ASSET PROTECTION FAQ\u2019S It has been reported that as many as 9 out of 10 people have never heard of Guaranteed Asset Protection or Gap Insurance as it usually called. This is perhaps due in…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"full_width.php","meta":{"footnotes":""},"class_list":["post-16527","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.memberfirst.net\/dp\/wp-json\/wp\/v2\/pages\/16527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.memberfirst.net\/dp\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.memberfirst.net\/dp\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.memberfirst.net\/dp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.memberfirst.net\/dp\/wp-json\/wp\/v2\/comments?post=16527"}],"version-history":[{"count":3,"href":"https:\/\/www.memberfirst.net\/dp\/wp-json\/wp\/v2\/pages\/16527\/revisions"}],"predecessor-version":[{"id":16804,"href":"https:\/\/www.memberfirst.net\/dp\/wp-json\/wp\/v2\/pages\/16527\/revisions\/16804"}],"wp:attachment":[{"href":"https:\/\/www.memberfirst.net\/dp\/wp-json\/wp\/v2\/media?parent=16527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}