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If your vehicle is totaled in an accident or stolen and not recovered, the insurance settlement is based on its actual cash value, not the outstanding loan balance. This could create a loan“gap”—money you owe on the loan after the insurance company pays its portion. When you add GAP to the loan, the difference may be covered, including up to $1,000 of the borrower’s deductible.  \nHow much does it cost?  \nNavy Federal charges a flat enrollment fee of $499 for new or used vehicles, which you may pay in a lump sum or finance into your loan. Adding the fee to your loan will increase the cost. California Active Duty and Active Reserve Duty Servicemembers must pay the flat fee instead of financing the fee into the loan. As a comparison, many car dealers charge up to $1,1002 for the same protection.  \nHow do I purchase GAP?  \nGAP is offered to all eligible Navy Federal members during the initial loan application process online, in person at a branch or by phone. If you wish to add GAP to your existing loan, please give us a call .  \nWhat’s a qualifying vehicle?  \nMost new and used cars, pickups, SUVs, and motorcycles, no older than the current year plus 7 years of age and titled for personal ownership (not business use), are eligible. Vehicles cannot be used for commercial purposes, including ridesharing and delivery activities. Primary insurance must be obtained and maintained on the vehicle.  \nDoes my loan have to be financed through Navy Federal?  \nYes. This coverage is available for new and existing Navy Federal loans.  \nGAP isn’t available on Collection Refinance Loans, Consolidation Loans, loans with a loan-to-value ratio of less than 70%, or vehicle loans in the amount of $7,500 or less with a term of 12 months or less.  \nHow do I submit a claim?  \nYou can submit a claim by calling Navy Federal at 1-866-258-7298 option 1.  \nWhat’s the processing time for a claim?  \nClaims are usually processed within 5 business days of receipt of all required documentation.  \nWhat’s the maximum amount that can be claimed under GAP?  \n$50,000 is the maximum claim amount.  \nCan I cancel if I change my mind after I purchase GAP?  \nYou’ll receive a full refund if you cancel within 60 days of enrollment. However, after 60 days, the fee is fully earned and non-refundable, and GAP cannot be canceled.  \nCan I transfer the coverage to another vehicle?  \nNo. GAP cannot be transferred from one vehicle to another.  \nTo sign up for GAP, call 1-888-842-6328 or visit your local branch. Scan the QR code to learn more.3  \nCall  \n1-888-842-6328 Collect internationally 1-703-255-8837  \nTDD for the hearing impaired  \n1-888-869-5863  \nFor toll-free numbers when overseas, [visit navyfederal.org](visit navyfederal.org)[ ](visit navyfederal.org)[or visit a branch.](or visit a branch.)  \nNavy Federal is Insured by NCUA. 1Your purchase of Guaranteed Asset Protection (GAP) is optional. Whether or not you purchase Guaranteed Asset Protection will not affect your application for credit or the terms of any existing credit agreement you have with Navy Federal. You may choose to pay the fee in a single lump sum or you may finance it into your loan, which would increase the cost. NOTE: California Active Duty and Active Reserve Duty Servicemembers cannot finance the fee. If you cancel your optional GAP coverage within 60 days of enrollment, you will receive a full refund of any fees. Additional information will be provided to you, which will include a copy of the GAP Agreement and Disclosure (NFCU23A) containing the terms of the plan. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under the plan. You should","cbCaioDooytCDVsj","https://ap.wps.com/l/cbCaioDooytCDVsj","pdf",543900,"English","# What is GAP?\n# How much does it cost?\n# How do I purchase GAP?\n# What’s a qualifying vehicle?\n# Does my loan have to be financed through Navy Federal?\n# How do I submit a claim?\n# What’s the processing time for a claim?\n# What’s the maximum claim amount?\n# Can I cancel after purchasing GAP?\n# Can I transfer coverage to another vehicle?","[{\"question\":\"What situation does GAP cover?\",\"answer\":\"GAP may cover the gap between the remaining loan balance (after the insurance settlement) and the vehicle’s actual cash value when the vehicle is declared a total loss or is stolen and not recovered.\"},{\"question\":\"How much does GAP cost and can the fee be financed?\",\"answer\":\"Navy Federal charges a flat enrollment fee of $499. It may be paid upfront or financed into the loan, but California Active Duty and Active Reserve Duty Servicemembers must pay the fee instead of financing it.\"},{\"question\":\"What are the claim process and limits for GAP?\",\"answer\":\"Claims are submitted by calling Navy Federal, and are usually processed within 5 business days of receiving all required documentation. The maximum amount that can be claimed under GAP is $50,000.\"}]","Guaranteed Asset Protection (GAP) - Questions and Answers | PDF",1792701843]