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Most watercraft depreciate by thousands of dollars as soon as they are purchased. And, if your boat is stolen, accidentally damaged beyond repair, sinks, or otherwise declared a total loss, you will still be liable to pay the difference: the “gap” between the insurance settlement and your loan balance.
Guaranteed Asset Protection (GAP) helps cover the difference between your primary insurer’s settlement and boat loan balance. The GAP insurance offered through CHECU bases the value on the loss through NADA with maximum insurance term of 72 months and loss amount of $50,000. The insurance will cover up to 125% of the NADA value at the time of loss and is available on new and used boats. Another incredible part of this insurance product is that if you use your GAP policy, you will receive an additional $1,000 for the purchase of another boat financed through CHECU. Now that is a win-win!
Policies are available on all watercraft loans at a cost of $245 for the life of the loan (up to 72 months). Contact CHECU for complete details. |
