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Loan Insurance

Protect Your Investment

Features

  • Gap Insurance
  • Credit Life
  • Credit Disability

Did you know?

The cost of GAP can be financed or refinanced with your vehicle loan. GAP is designed to cancel the difference between the actual cash value of your vehicle estimated by your insurance company and the unpaid loan balance, according to the terms and maximums of your GAP Waiver Agreement.

GAP may cancel the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.

GAP can save you from making loan payments on a car, truck, or other vehicle that’s beyond repair or stolen and not recovered.

Protect Your Investment

Features

  • Gap Insurance
  • Credit Life
  • Credit Disability

Did you know?

The cost of GAP can be financed or refinanced with your vehicle loan. GAP is designed to cancel the difference between the actual cash value of your vehicle estimated by your insurance company and the unpaid loan balance, according to the terms and maximums of your GAP Waiver Agreement.

GAP may cancel the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.

GAP can save you from making loan payments on a car, truck, or other vehicle that’s beyond repair or stolen and not recovered.

Guaranteed Asset Protection (GAP)

Most cars depreciate by thousands of dollars as soon as they are purchased. If the car is stolen, accidentally damaged beyond repair, or otherwise declared a total loss, you are still liable to pay the difference between what you owe on the loan and the insurance settlement. GAP helps protect that difference.

Credit Life & Disability

Credit Life and Credit Disability are voluntary insurance products designed to pay the loan balance off up to policy maximums in event of death or make the loan payments up to policy maximums if you are disabled. Maximum life protection is $50,000 per loan. Life coverage ends at age 70. The maximum monthly disability benefit is $850. Disability coverage ends at age 66. Credit Life & Disability insurance helps protect your loved ones and is simple to elect.

Beehive offers mortgages, including in areas covered by flood insurance requirements. The National Flood Insurance Program (NFIP) is a Federal program providing flood insurance, floodplain management, and the development of flood hazard zones. Flood insurance is required by federal law for members borrowing funds in high-risk zones.

Can I get out of the requirement to have flood insurance? Members can hire a qualified surveyor to perform an elevation certificate on their home. This certificate can be sent with an application to FEMA for a letter of Map Amendment (LOMA). LOMA is an official amendment, by letter, to an effective NFIP map. A LOMA establishes a property’s location in relation to the Special Flood Hazard Area (SFHA). LOMAs are usually issued because a property has been inadvertently mapped as being in the floodplain, but is actually on natural high ground above the base flood elevation. Because a LOMA officially amends the effective NFIP map, it is a public record that the community must maintain.

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