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Don’t let this word scare you off.

If you’re like me, you tend to check out when someone gives you an insurance spiel, even though you know it’s important. Well, grab an energy drink or something and check out these very simplified basics of what the insurances are that we offer. Short and sweet, baby!

NCUA Share Insurance

With NCUA Share Insurance, your savings are automatically covered up to $250,000 by the federal government and you don’t pay for this insurance, Members Community Credit Union does. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. Here’s their brochure, check it out for more information about this and how to maximize the coverage on your savings.

Credit Life Insurance

If you pass away during the period of a loan, Credit Life Insurance will pay off or reduce the insured balanced on your loan (except on home equity loans)*. When you apply for a loan, ask your loan officer about adding Credit Life Insurance coverage to your loan.

Credit Disability Insurance

Credit Disability Insurance takes over your loan payments (up to the contract limit) if you should become ill or disabled and will continue to make payments until you return to work (except for home equity loans)*. When you apply for a loan ask to see how much this coverage affects your monthly payment

Guaranteed Auto Protection (GAP) Insurance

If your car was totaled or stolen today, you might still have to make payments on it. (We know, that stinks!)  Insurance would cover a lot, but most likely not all of the loan amount because of dramatic depreciation on new and late model automobiles. Unfortunately, this happens a lot when there is a car accident, and it leaves people “upside down,” or owing more on their car than it is worth.

GAP insurance kicks in when the amount your insurer would pay for your totaled or stolen car, is less than what you still owe on the loan (minus any delinquent payments, late charges, refundable service warranty contracts or other insurance related charges). Not only does it cover the remainder of your loan balance, it will also give you $1,000 toward a new car financed at Members Community Credit Union within 90 days of the accident. GAP also covers your insurance deductible, up to a maximum of $500.

We usually recommend GAP in any of the following instances:

  • You’re financing for more than 4 years (48 months)
  • You’re purchasing a car and not putting at least 20% down
  • You are rolling debt from your last auto loan into your current auto loan

You can add GAP to a car loan you already have or you can get it the same time you get your loan. We’ve had many members benefit greatly from GAP insurance!

Mechanical Breakdown

Mechanical breakdowns can happen anywhere, at any time no matter the make, model or year of your car. And these repairs (plus towing and rental car) are usually to the tune of an arm and a leg.
Who can afford that, right?! Well , our Mechanical Breakdown Insurance is available for new and used vehicles and is less expensive than getting it through a dealer. It covers all these goodies and can be a lifesaver. Also, if your vehicle is totaled while you’re covered, they would refund your entire premium, even if there was a claim on it.

* = some exception may apply

If you have any questions about a current or potential insurance product, feel free to email us at, stop by or give us a call at (563)264-7210.