GAP Insurance

Help protect yourself from owing money on a vehicle you can no longer drive.

Loan payoff protection

Affordable added coverage

Help with your next vehicle

What is GAP Insurance?

Your auto insurance generally pays based on your vehicle’s current value - not necessarily the amount remaining on your loan.

If your vehicle is stolen or declared a total loss, that difference can leave you responsible for a loan balance on a vehicle you no longer have.

Guaranteed Asset Protection, or GAP, helps cover an eligible remaining loan balance after your primary auto insurance claim is paid.

How GAP coverage can help

Michigan First’s current GAP coverage includes:

Protection for up to 84 months
Coverage for cars, SUVs, pickup trucks, motorcycles, ATVs, snowmobiles, and certain other vehicles
Coverage of an eligible loan balance up to 125% of the vehicle’s value after the primary insurance settlement
Eligible vehicles valued up to $100,000 at the time of purchase
The ability to roll the coverage cost into an eligible Michigan First vehicle loan
$1,000 toward a replacement vehicle financed through Michigan First within 60 days, subject to program requirements

When could GAP Insurance make sense?

GAP may be especially useful when:

You make a smaller down payment
You finance most of the vehicle purchase price
Your loan term is relatively long
Your vehicle depreciates quickly
You want added protection from an unexpected total loss

GAP Insurance vs. Auto Insurance

Your standard auto insurance protects your vehicle based on the terms of your policy.

GAP protection focuses on the financing difference that can remain when the insurance settlement is less than the eligible balance you still owe.

Frequently asked questions

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What types of insurance does Michigan First offer?

Michigan First Insurance Agency can help individuals compare coverage for auto, home, renters, life, health, pet, and other insurance needs. Business insurance options are also available. Insurance products are provided through third-party insurance carriers and are not deposits or federally insured by the NCUA.