Consumer Loan & VISA Credit Card Protections
Protections, such as Insurance and Warranties, are an important aspect to remember when applying for a loan. Different protections provide different benefits, knowing your options on each protection will help you determine what you need to keep you covered.
Contact one of our loan officers to find out if you and your loan qualify to add these protections!
Credit Insurance
Credit Disability and Credit Life Insurance may make your loan payments when unexpected and covered life events happen. Worry less by adding credit insurance at loan origination. Credit Life is available for Vehicle and Personal Loans and VISA Credit Cards, while Credit Disability is only available for Vehicle Loans.
Credit Insurance
| Total Benefit Maximum: | $40,000 |
|---|---|
| Maximum Issue Age: | 70 |
| Termination Age: | 99 |
Credit Life Insurance
| Plan Type: | 14-day/Non-retro |
|---|---|
| Maximum Monthly Benefit: | $600 |
| Total Benefit Maximum: | Unlimited |
| Maximum Issue Age: | 66 |
| Termination Age: | 99 |
Guaranteed Asset Protection Advantage
When accidents happen, its GAP Advantage to the rescue. If your vehicle is totaled in an accident or is stolen (and not recovered) GAP Advantage is designed, with limitations, to waive your remaining loan balance not covered by your primary insurance. It will also give you a $1000 credit towards the financing of a replacement vehicle when borrowed through Tri Boro FCU!
Tri Boro FCU members who purchase GAP Advantage are automatically enrolled in our Auto Deductible Reimbursement (ADR) Program. ADR reimburses your deductible up to $500 per loss when filed and paid for by your insurance company, putting your money back into your pocket. It could even cover the other vehicles in your household!
GAP Advantage with ADR is available for Vehicle Loans
Mechanical Breakdown Protection (MBP)
Breakdowns can be expensive, but with Mechanical Breakdown Protection you are protecting yourself from out-of-pocket repair bills. Tri Boro FCU offers several coverage levels allowing you to purchase just what you need.
Insurance Claims Process
After you have filed a claim with your insurance company and received your check, you will need to deposit that check into your Share Savings Account. A hold will be placed on these funds until Tri Boro FCU has copies of the following documents: repair shop estimate and Insurance Claim, and a verification repairs has been completed (i.e. bring your repaired vehicle to our office). Please call ahead when bringing a vehicle in for verification.
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