Loan Insurance
We’ve got you covered.
Various insurance and asset protection products are available to complement the loans and other services NY TEAM offers. These products are provided through independent companies for your benefit.
- Guaranteed Asset Protection (GAP)
- Mechanical Repair Coverage (MRC)
- TruStage Insurance Program
- Credit Life Protection for Loans
- Credit Disability Protection for Loans
- Insurance Proof Submission
When you buy a new or pre-owned vehicle, there’s no way to know if it will be stolen or totaled in an accident. And, many times primary auto insurance settlements don’t pay off your loan balance. With the purchase of GAP, you’re helping to protect your vehicle investment against a possible financial loss.
The GAP fee can be included with your monthly payments or made separately by cash, or check. If your car is stolen or totaled in an accident and there’s a difference between what you owe on your auto loan and the value of your vehicle, GAP will help cancel the difference based on the terms of your member agreement. By adding GAP while signing your loan paperwork, you’re helping take responsibility for your financial future. Your loan officer can show you how. You may cancel GAP at any time after your enrollment date. If you cancel within 90 days, you’ll receive a full refund. If you have questions, simply contact your credit union.
You can sign up for GAP when applying for your vehicle loan and the cost can be rolled into your monthly loan payment. Protect your family, your vehicle, and your credit rating with GAP!
Cost:
Auto GAP Insurance $175.00
Motorcycle Gap Insurance: $200.00
This cost can be paid in full or financed with the loan
Drive with confidence, knowing we’ve got your back. A breakdown can be troubling enough without the added worry of expensive repairs. That’s why we’re pleased to bring you Mechanical Repair Coverage.
For a few dollars a month, you can protect your vehicle and your finances from the cost of unexpected, covered breakdowns (engine, transmission, steering, brakes, electrical, and more). Plus, have peace of mind with the plan’s 24-hour roadside assistance, towing, emergency travel expense and rental reimbursement.
Some restrictions apply. For example, the plan does not cover pre-existing conditions, commercial vehicles, salvaged or rebuilt vehicles, or trucks over one ton. See branch for more details.
Exclusively for credit union members like you, the TruStage Auto & Home Insurance Program provides affordable top-quality protection. You could enjoy discounted rates combined with online convenience and 24/7 claims service.
Get your free quote today or call 1-855-483-2149
TruStage™ Auto and Home Insurance program is offered by TruStage Insurance Agency, LLC and issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union.
Life can be wonderful. But it can also get complicated when unexpected things happen. Protecting your loan payments against the unexpected such as covered life event could help you protect more than your finances. It could help lighten the burden for the people you care about. Insure your loan payments today so you can worry a little less about tomorrow.
There’s no way to predict unexpected life event. You can take steps to protect your family if the unforeseen happens. Credit life insurance may help reduce or pay off your covered loan or make your monthly loan payment, up to the policy maximum, in the event of a covered life event, injury, illness or death.
You decide which payments you want to protect and the monthly premium may be added to your loan. Coverage is designed to fit your lifestyle, it is totally voluntary, and it won’t affect your loan approval. It’s simple to apply for individual or joint coverage. You can sign up for credit insurance at your loan closing, or anytime you’d like.
- Reduces or pays off your covered loan balance.
- Protects survivor’s credit rating.
- Requires no complicated enrollment forms or physical exam.
- Offers the convenience of including premium in your loan payment.
- Helps protect collateral against repossession.
Life Claim? We are here to help!
In your time of need, our claims process is quick and easy. If you elected payment protection on your loan, you can use this convenient claims process to quickly and easily file your claim.
To begin, please fill out a claim form.
- Makes your covered loan payments if you become disabled.
- Helps protect credit rating and collateral.
- Reduces financial burden during recovery.
- Requires no complicated enrollment forms or physical exam.
- Offers the convenience of premium included in your loan payment.
Life or Disability Claim? We are here to help!
In your time of need, our claims process is quick and easy. If you elected payment protection on your loan, you can use this convenient claims process to quickly and easily file your claim.
Maintaining insurance is a requirement of your loan and is described in your loan agreement.
You can verify your insurance coverage easily by emailing loans@nyteamfcu.org
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The Credit Union works with a third party company to ensure all of our members maintain insurance on their collateral.
If you’re a member, you can buy credit life insurance for most loans except for those secured by real estate. This insurance covers the balance of your loan in case you pass away. To be eligible, you must be the primary borrower and under 75 years old. Joint applicants can also purchase joint life coverage if they’re under 75 years old. Insurance premiums are added to your loan balance each month until you pay off the loan or cancel coverage. The maximum amount of credit life insurance per loan is $50,000 for consumer loans.