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Holiday Hours

In observance of Easter, all Honor member centers, and our Contact Center will be closed Saturday, March 30th. We'll reopen for normal business hours on Monday, April 1st. You can always access your account 24/7 via online banking and the mobile app. As a reminder, if you get a suspicious call or text about your account activity or charges, do not click, call, or engage at all. Have a safe and happy holiday weekend!

What Is Guaranteed Asset Protection (GAP) & Who Needs It?

image of an honor credit union guarantee asset protection insurance form with text overlay that reads what you need to know about GAP Insurance

What Is Guaranteed Asset Protection (GAP)?

Guaranteed Asset Protection, otherwise known as GAP, is an optional insurance coverage offered as a supplement to an auto, motorcycle, boat, ATV, or RV loan. This product is offered to help protect a loan from negative equity. Negative equity is when you owe more than your vehicle is worth, which is a situation many of us find ourselves in after buying!

How Would GAP Coverage Help You?

GAP’s main purpose is to protect the investment you made in your vehicle in worst-case scenarios. In the event that your vehicle is deemed a total loss by insurance or if your vehicle is stolen, GAP covers the difference between what you owe on your loan and what your insurance will pay.

HOW CAN HONOR HELP? Check out our competitive low auto loan rates & various loan protection options

Also, if you have to pay any car insurance deductibles, GAP may reimburse you for the first three years of your policy through the Auto Deductible Reimbursement!

Be sure to talk to an Honor Member Specialist about how you could potentially get reimbursed for PAID vehicle insurance deductibles up to $500 per loss with unlimited losses per year.

GAP Coverage Example

Here’s a hypothetical situation if you were to total your vehicle:

Your Loan Balance: $15,000
Your Insurance Company Settlement: $10,000
Remaining Balance: $5,000

Total You Owe Without GAP: $5,000
Total You Owe With GAP: $0

Not Sure If GAP Is Right For You?

If you’re not sure if Guaranteed Asset Protection is right for you, here are three questions to ask yourself when deciding.

Do you owe more on the loan than what the vehicle is worth?

If you owe more on the loan than what the vehicle is worth, we recommend getting GAP coverage.

Do you have enough money in your savings to pay the difference between what you owe and what the vehicle is worth?

If you don’t have enough to pay the difference, or if you don’t want to pay the difference out of pocket, then we recommend you get GAP coverage.

How would you like a $1,000 credit towards the purchase of your next vehicle if you get into an accident and total your current one?

One big perk of GAP is you receive a $1,000 credit towards the purchase of your next that is financed through Honor if you total your current vehicle.

Have Questions?

We understand Guaranteed Asset Protection might be like a foreign language to you. If you have questions, would like more information about GAP information, or to get a quote, stop by a local member center, or give us a call at 800.442.2800 and our team would be happy to help you.

More To Explore

Zero Down Payment Offer

To make the process as simple as possible with our Zero Down Payment mortgage offer, we encourage you to speak with a mortgage expert so they can explain the requirements and guide you through the process!

Find An Expert Near You

Need Help? Contact us at 800.442.2800 and we will help you get started with the application process.