Loan Insurance

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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.

silhouette of man and child near white hyundai tucson suv during golden hourWhen 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.

a boy eating a candy on stick

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.

man and woman holding white ceramic mugs

  • 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.

Credit Life and Disability Insurance are available through NY TEAM Federal Credit Union. These insurances are voluntary and not required to obtain a loan. Members have the right to cancel at any time. The current insurance rates are indicated on the disclosure addendum.

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative or refer to the Group Policy for a full explanation of the terms.

CA Only: Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. California Department of Insurance Consumer Hotline: 800.927.4357. Credit Union License #:

VT Only: Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. Only a licensed insurance agent may provide consultation on your insurance needs.

Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.

State chartered credit unions in FL, GA, IA, RI, UT, VT, WI may choose GAP with or without a refund provision. Prices of the refundable and nonrefundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.

State chartered credit unions in CO and SC may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.