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Guaranteed Asset Protection

Members Choice ® Guaranteed Asset Protection (GAP)

Are you buying your first car? Trading in your sedan for a mini-van? Or, are you finally buying the luxury car you've always wanted? Buying a vehicle is a big purchase. Is it adequately protected?

Insurance settlements don't always cover your loss.
How do you know if your vehicle is adequately protected by your primary insurance carrier? If you have an "upside down" loan to value ratio (you owe more on your vehicle than it's worth or you put less than 20% down when you purchased your vehicle) your insurance settlement probably won't cover your vehicle if it's declared a total loss. This means you may pay thousand of dollars to cover the difference between the actual cash value of your vehicle and your loan balance in the event your vehicle is stolen, accidentally damaged beyond repair, or declared a total loss. You'll pay on a vehicle you no longer drive, plus you still have to purchase a new vehicle.

Protection that pays the difference
MEMBERS CHOICE ® Guaranteed Asset Protection (GAP) helps ease your financial burden by paying the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.

GAP is an affordable way to fill the gap. For just a few dollars a month, you can protect yourself against this kind of unexpected expense.

MEMBERS CHOICE ® Guaranteed Asset Protection Plus (GAP Plus) offers the same benefits as GAP, plus it includes $1,000 toward your down payment on a replacement vehicle when financed by Hawaii Community FCU within 60 days after your primary insurance company issues a settlement check.

Features of MEMBERS CHOICE ® Guaranteed Asset Protection Plus
  • 90-day free look - you may cancel your protection within 90 days of your enrollment date and receive a full refund and no cancellation fee.
  • Available on loans and leases - protects new and pre-owned vehicles.
  • Primary vehicle insurance deductible - pays up to $1,000 of your vehicle insurance deductible (where allowed by state law).