Auto Insurance - GAP Protection


Protect against out-of-pocket expenses.

If the vehicle you financed through Hudson Valley Federal Credit Union is in an accident or is stolen, your primary insurance carrier will only cover the actual market value of the vehicle at the time of the loss.

Should your insurance carrier deem your vehicle a total loss, GAP Protection Insurance (Guaranteed Asset Protection) reimburses the difference between the actual / market value of your vehicle and the loan payoff, if that amount is greater.

  • Available for a one-time fee of $175
  • Can be purchased before, during, or after your loan is funded
  • GAP Protection can be purchased for vehicles up to $100,000 in value and affords you $50,000 of coverage for out-of-pocket expenses
  • Cost of insurance can be added to your loan amount
  • Up to 90 days after purchase to cancel with full refund
  • GAP Protection coverage is underwritten by CUMIS Insurance Society, an “A”- rated insurance carrier

For your convenience, you can finance GAP Protection by adding it to the total amount borrowed on any new loan up to 84 months. The one-time cost of $175 spread out over your monthly payments (up to 84 months) can potentially save you hundreds or thousands of dollars in the unfortunate event of an accident or theft.

Call us at 845.463.3011 / 800.468.3011 or stop by any of our branches for more details. Use the GAP Protection calculator to determine if GAP Protection is right for your loan needs.

While GAP protection protects you against this out-of-pocket expense, New York State law does not permit GAP Protection coverage of the deductible on your primary insurance policy.

Non-protected advances are also excluded. See your copy of the GAP contract for a full list of exclusions.

You may choose to request a quote for your insurance coverage from HVFCU Insurance Agency at any time. You may be contacted by an agent of HVFCU Insurance Agency, who will offer you a free, no- obligation quote to provide insurance coverage in connection with your loan. Nondeposit investment products may be offered by an employee who serves both functions of accepting member deposits and selling nondeposit investment products.

The insurance product is:

  • Not a deposit
  • Not NCUA/NCUSIF Insured
  • Not insured by any other federal government agency
  • Not guaranteed by HVFCU
  • May go down in value

    © 2016 Hudson Valley Federal Credit Union

    PO Box 1071, Poughkeepsie, NY 12602-1071
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363
    HVFCU Prepaid Visa Routing Number: click here