Insurance Services
Gap
YOUR AUTO INSURANCE DOES NOT COVER EVERYTHING
In the event your vehicle is deemed a total loss due to an accident or theft, your auto insurance policy will usually cover only the actual cash value or market value of your vehicle less a deductible. This settlement could be significantly less than the amount you owe to your lender or leasing company. The final result is a financial GAP where you must make up the difference, which could mean thousands of dollars out of your pocket.
PROTECTION THROUGH GUARANTEED AUTO PROTECTION PLUS
Guaranteed Auto Protection Plus protects individuals who finance a new or used vehicle from the financial GAP.
In the current market, during the first few years that you own your vehicle, your loan/lease balance can be higher than the actual value of your vehicle, as a result of depreciation. As your vehicle’s value declines, your loan/lease balance may decline more slowly, resulting in a financial gap. If your vehicle were stolen or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan/lease balance.
Guaranteed Auto Protection Plus covers the difference between the actual cash value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges.
Guaranteed Auto Protection Plus will even cover your auto insurance deductible up to $500. Ask your loan officer for details.
Guaranteed Auto Protection is administered by a third parity provider. Please see our privacy policy for additional information on services offered by third parties.
Guaranteed Auto Protection Plus is a loan/lease deficiency waiver and is not offered as insurance coverage.
The purchase of Guaranteed Auto Protection Plus is voluntary and cannot be required as a condition of credit approval.
AD & D Insurance
AD&D Insurance
Summary of Insurance Provisions- Life Insurance Company of North America
As a member of NGCU age 18 or over you are eligible for Accidental Death and Dismemberment Insurance. Premiums for this Basic Coverage will be paid by NGCU. THERE IS NO COST TO YOU. (Coverage is subject to reductions due to age. Read your Certificate of Insurance carefully for this information.)
This summary explains in general terms the insurance described, but in no way changes or affects the insurance afforded under such Policy as actually issued. All coverages are subject to actual Policy conditions and exclusions. Each member participating in the plan will receive a Certificate of Insurance describing the exact coverage and benefits provided. The insurance is provided under Policy Form # LM-21143, LM-21141
Coverage Provider
When covered injury results in any of the following losses within one year from the date of the accident the, Company will provide, in one sum, the following amounts:
- Loss of Life: $2,000
- Loss of two member (hand, foot, or eye): $2,000
- Loss of speech and hearing: $2,000
- Loss of entire sight in both eyes: $2,000
- Loss of entire sight in one eye: $1,000
- Loss of one hand or foot: $1,000
- Loss of speech or hearing: $1,000
- Loss of thumb and index finger on the same hand: $500
The loss of hand or foot means complete severance through the wrist or ankle joint. For the thumb or index finger, it means complete severance through or above the metacarpophalangeal joints. The loss of sight of eye means irrecoverable loss of entire sight. The loss of speech means complete and irrecoverable loss thereof. For hearing it means complete and irrecoverable loss of hearing in both ears.
Who is Eligible
All members of NGCU age 18 or over when applying, are eligible for coverage. Every member of NGCU age 18 or over who completes and returns an enrollment form will be accepted.
Individual Terminations
As long as you remain a member of NGCU and the Master Policy remains in force, your coverage will be renewed. The Group Master Policy is renewable annually.
General Exclusions
The Master Policy does not cover any loss caused by or resulting from: suicide or self-destruction or any attempt threat; declared war or any act or war; committing or attempting a felony or illegal act; riding in an aircraft or device for aerial navigation except as a passenger for transportation only (not as a pilot or crew member) in an aircraft as airworthy by the appropriate authority of the county of its registry.