Payment Protection Plan
Protect yourself and your family when you borrow. There are two types of credit insurance available to you when you take out a loan at PCMCU. Please contact us for details, as some restrictions apply.
Credit Life Insurance
- Protects your family and estate by paying your loan balance if you or a co-borrower dies.
- Premium amount based on loan size and term.
- Insurance amount based on outstanding loan balance.
Credit Disability Insurance
- Makes your loan payments if you are unable to earn a regular wage because of an accident or illness.
- Protects your credit rating.
- Protects you against repossession.
Optional Coverages for Vehicle Loans
Extends vehicle warranty coverage to protect you from unexpected vehicle repairs. There are three protection plans available, with each containing nationwide protection. Protection is available on both new and pre-owned vehicles. Coverage is transferable if you sell the vehicle before the agreement expires.
Guaranteed Asset Protection (GAP)
A non-insurance product that covers the “gap” between the vehicle’s value and the amount you still owe, in an event your vehicle is involved in a major accident or is stolen. This could essentially help pay off most or all of your loan balance if your insurance company doesn’t pay the full claim. It will also pay up to $500 toward your deductible in the event of a claim on your auto insurance. It will cover any auto titled in your name. You can have a maximum of 2 claims per year. Certain restrictions may apply.
Contact PCMCU for more information.