Hidden River Credit Union offers many types of insurance to protect you and your investments.
HRCU Smart Choice Loan Protection
What is HRCU’s Smart Choice Loan Protection?
It’s a way to help you cover you and your family. There’s no way anyone can prepare for a total disability due to injury or medical related illness, death or the loss of employment. However, you can take steps along the way to make sure your family is provided for if the unforeseen were to happen. HRCU’s Smart Choice Loan Protection helps pay your loan when you and your family most need it.
How does it work?
Your purchase of HRCU’s Smart Choice Loan Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain the loan. To qualify for coverage certain eligibility requirements, conditions, and exclusions may apply. The premium is included in your monthly loan payment. If you take these simple steps while obtaining a loan, you’re helping take responsibility for your family’s financial future. Your loan officer can show you how.
You may cancel loan protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.
Guaranteed Asset Protection (GAP)
What is MEMBER’S CHOICE Guaranteed Asset Protection (GAP)?
It’s a way to help protect your vehicle loan. Many times primary auto insurance settlements don’t pay off your entire loan balance. When you buy a new or used vehicle, there’s no way to know if it will be stolen or totaled in an accident. With MEMBER’S CHOICE Guaranteed Asset Protection (GAP), you’re protecting your vehicle investment against a possible financial loss.
How does it work?
The fee can be included with your monthly payments or made separately by cash, check, charge or possibly electronic funds transfer. If there’s a difference between what you owe on a loan and the value of your vehicle, GAP will help you pay the difference based on the terms of your member agreement. By taking a few simple steps while signing your loan paperwork, you’re helping take responsibility for your financial future. Your loan officer can show you how.
You can cancel within 90 days for a full refund. If you have questions, simply contact your credit union.
Why is it valuable?
New and used vehicles tend to depreciate rapidly and vehicle loans are typically getting longer in terms. There may be a point where you owe more than it’s worth. That’s where MEMBER’S CHOCE GAP can kick in. If your vehicle is stolen or totaled in an accident, GAP will help cancel the difference between the primary settlement and what you may still owe. MEMBER’S CHOICE Guaranteed Asset Protection helps you prepare for the unexpected.