Get the free Guaranteed asset protection plus - First Eagle Federal Credit Union

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How to fill out guaranteed asset protection plus

How to fill out guaranteed asset protection plus:

1. Gather the necessary documents and information: Before filling out the form, make sure you have basic personal details such as your name, contact information, and social security number. Additionally, gather information about your vehicle, including the make, model, VIN, and current loan balance.
2. Understand the terms and conditions: Read through the form and familiarize yourself with the terms and conditions of the guaranteed asset protection plus coverage. Pay attention to any exclusions or limitations that may apply.
3. Complete the personal information section: Begin by entering your personal details, including your full name, address, phone number, and email. Double-check the accuracy of this information to avoid any communication or coverage issues.
4. Provide vehicle information: In this section, input the necessary details about your vehicle. Include the make, model, year, VIN, and current loan balance. Ensure that the VIN is entered correctly to avoid any confusion or discrepancies.
5. Choose the coverage options: Select the coverage options that best fit your needs. Guaranteed asset protection plus typically covers the difference between your vehicle's actual cash value and the amount you owe on your loan in the event of theft, total loss, or accidental damage.
6. Review and sign the form: Carefully review all the information you have provided to ensure its accuracy. If necessary, make any corrections before signing the form. By signing, you acknowledge that you have read and understood the terms and conditions of the coverage.

Who needs guaranteed asset protection plus?

1. Individuals with financed vehicles: If you have obtained a loan to finance your vehicle, having guaranteed asset protection plus can provide financial security in the event of an accident or theft. It helps bridge the gap between the actual cash value of your vehicle and the remaining loan balance.
2. Those concerned about depreciation: Vehicles depreciate over time, which means that their actual cash value may be lower than the outstanding loan balance. If you're concerned about owing more on your loan than your vehicle's worth in the event of a total loss, guaranteed asset protection plus can be beneficial.
3. Those seeking additional protection: While insurance covers damages and some losses, it may not always cover the complete amount owed on a loan. Guaranteed asset protection plus offers an extra layer of protection to cover any shortfall and prevent financial burden.
4. Individuals who want peace of mind: Having guaranteed asset protection plus provides peace of mind, knowing that you are financially protected in the event of unforeseen circumstances. It adds an extra layer of security to your vehicle financing, ensuring you are not left with significant debts.

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What is guaranteed asset protection plus?

Guaranteed asset protection plus, also known as GAP insurance, is a type of coverage that protects you from financial loss if your vehicle is stolen or totaled and the insurance payout is less than the amount you owe on your loan or lease.

Who is required to file guaranteed asset protection plus?

Individuals who have a loan or lease on a vehicle and want to protect themselves from owing money on the loan or lease even after their insurance has paid out in the event of theft or total loss.

How to fill out guaranteed asset protection plus?

To fill out guaranteed asset protection plus, you will need to contact your insurance provider or the dealership where you purchased or leased your vehicle. They will provide you with the necessary paperwork and guide you through the process.

What is the purpose of guaranteed asset protection plus?

The purpose of guaranteed asset protection plus is to provide peace of mind to individuals who are financing or leasing a vehicle by ensuring that they will not be left with a remaining balance on their loan or lease if their vehicle is stolen or totaled.

What information must be reported on guaranteed asset protection plus?

The information that must be reported on guaranteed asset protection plus includes details about the vehicle, the loan or lease agreement, and the insurance policy.