GAP MRC Debt Protection Life Insurance Auto & Home Insurance
Here’s what you need to know about the protection plans available at OE Federal Credit Union.
Guaranteed Asset Protection (GAP)
What is GAP insurance?
GAP is an insurance add-on that pays the difference between the depreciated value you still owe on your ride if it’s stolen or totaled. In plain English, it’s coverage for that “gap” between your car’s real value (as determined by your insurance company) and your auto loan balance.
How much does GAP cost?
The price of GAP, on average, is between $500 to $700. At OE Federal, it’s below $400 and we suggest adding it directly to your auto loan payment.
Is GAP for everyone?
GAP is recommended for drivers who are, or likely to be, upside down on their auto loans. No, this doesn’t involve a trapeze; it just means the drivers owe more for their car than what it is actually worth.
Mechanical Repair Coverage (MRC)
What is mechanical repair coverage?
MRC will cover breakdowns in your car that happen because of natural wear and tear.
How much does mechanical repair coverage cost?
MRC costs, on average, $100 a year. There’s also that deductible, averaging $100-$300.
Is mechanical repair coverage for everyone?
MRC is recommended for drivers who are financing a new vehicle, as the repairs on these vehicles can be quite costly.
Debt Protection
What is debt protection?
Debt protection is a a loan-payment protection product designed to help you get relief from loan payments if you suddenly find yourself caught up in a protected life event.
How much does debt protection cost?
The cost of debt protection can vary based on your amount of debt being protected. We suggest giving us a call at 800.877.444 to discuss.
Is debt protection for everyone?
Debt protection is a must-have for anyone with a loan. If a protected life event happens to you (or the co-borrower on the loan), debt protection will cancel or waive your loan payments up to the member agreement maximums, taking the financial pressure of you and your family.
TruStage Life Insurance
What is life insurance?
Life insurance can help give peace of mind and provide income-tax free money for your family if something happens to you.
How much does life insurance cost?
The average cost of life insurance in $26 per month. But life insurance rates can vary based on person covered, insurers, and policy types.
Is life insurance for everyone?
Life insurance makes the most sense if someone else is depending on your income. This can be your children, spouse, or parents.
TruStage Auto & Home Insurance
What is Auto & Home Insurance?
Auto & Home insurance provides financial protection for your vehicle and home in the event of accidents, theft, damage, or liability claims.
How Much Does Auto & Home Insurance Cost?
The cost of Auto & Home insurance varies based on factors like your location, coverage level, deductible, and driving history. Typically standard home insurance costs $125 to $200 per month and auto insurances ranges from $50 to $200 a month.
Is Auto & Home Insurance for Everyone?
If you own a vehicle or a home, Auto & Home insurance is essential. It safeguards your valuable assets and provides peace of mind.