At Texas Tech Credit Union, we understand that purchasing a vehicle is a significant investment, and we want to help you protect it. When you finance your auto loan with us, we provide a range of insurance options to safeguard your investment and give you peace of mind.
In this blog post, we will explore the various vehicle protection options available to our members, including GAP insurance, multi-shield protection, extended warranty, and credit life and disability coverage.
One of the essential insurance options we offer is GAP insurance. When you purchase a new vehicle, its value depreciates as soon as you drive it off the lot. In the unfortunate event of an accident or theft where your car is declared a total loss, your primary auto insurance will typically only cover the actual cash value of the vehicle. This can leave you with a significant financial gap between the amount you owe on your auto loan and the insurance payout.
GAP insurance helps bridge this gap by covering the difference between your auto insurance settlement and the outstanding balance on your loan. It provides valuable protection, ensuring you don't pay out of pocket for a vehicle you no longer have. You can protect yourself from unexpected financial burdens by including GAP insurance in your auto loan.
Our multi-shield protection is a comprehensive coverage option designed to shield you from unforeseen expenses related to your vehicle. It combines several coverage features into one package, providing an extra layer of protection. Some of the key benefits of multi-shield protection include:
By choosing multi-shield protection, you can enjoy enhanced coverage and minimize unexpected expenses associated with common automotive issues.
An extended warranty is an additional coverage option beyond the manufacturer's warranty. As your vehicle ages, the likelihood of mechanical breakdowns and repairs increases. Our extended warranty offers protection against these unforeseen expenses, providing peace of mind knowing that repairs will be taken care of without strain on your budget.
With extended warranty coverage, you can enjoy benefits such as:
By opting for an extended warranty, you can protect your investment and avoid unexpected repair bills.
We also offer credit life and disability coverage to financially protect you and your loved ones during challenging times. This coverage ensures that in the event of death or disability, your loan obligations will be taken care of, offering relief during a difficult period.
Credit life coverage helps pay off the outstanding loan balance if the borrower passes away, relieving the burden from their family. Disability coverage, on the other hand, provides financial assistance by covering the loan payments if the borrower becomes disabled and cannot work.
By adding credit life and disability coverage to your auto loan, you can protect yourself and your family from the unexpected and ensure that your financial commitments are met, even in challenging circumstances.
At Texas Tech Credit Union, we are committed to providing our members comprehensive auto loan insurance options. Whether you choose GAP insurance, multi-shield protection, extended warranty, or credit life and disability coverage, we aim to help safeguard your investment, provide financial security, and offer peace of mind. Speak to our team today to understand these insurance options in detail and make an informed decision to protect your vehicle and your finances.
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