Loan Insurance

When an accident or illness prevents you from working, personal loan insurance-also called payment protection insurance-can keep you from defaulting on your payments or putting your credit standing or assets at risk.

UVA Community Credit Union offers Credit Life and Disability Insurance for loans through the CUNA Mutual Insurance Society. Speak to a loan officer to evaluate which insurance is best for your situation.

Loan Payment Protection Products

Credit Life Protection - pays off a loan up to the insurance contract limit if you die with a balance on the loan

Credit Disability Protection - makes payments up to the insurance contract limit if you become disabled due to a covered accident or illness, as long as you are currently working 25 hours per week or more
Other asset protection products are also available; one of our Loan Processing Center or Call Center Representatives can help you evaluate which insurance is best for you.

UVA Community Credit Union personal loan insurance - protection and peace of mind

Coverage and Insurance

Coverage Selected

Rate*

Single Credit Life

$0.059 per $100

Joint Credit Life

$0.097 per $100

Credit Disability

$0.123 per $100

*Initial premium rate. This is the monthly rate x monthly outstanding loan balance on the premium charge date. For example, if you elect single credit life insurance coverage and your loan balance is $5,000, the cost of insurance that month is $2.95 ($0.059 x 50). We calculate the insurance premium monthly and add it to your loan balance.

Insurance Maximums

Disability

Life

Maximum monthly total disability benefit

$600.00

N/A

Maximum insurance balance per loan account

$40,000

$40,000

Maximum age for insurance

66

70

Loan Protection Products

Guaranteed Asset Protection Plus (GAP)

If your vehicle is stolen or totaled in an accident, your insurance company will cover only the replacement value. In the first few years of owning a vehicle, the balance on your loan could be more than the value of the vehicle. This insurance is designed to cover the difference between the insurance settlement and the loan balance. With GAP, you can protect yourself from financial loss, protect your credit rating and afford peace of mind.
GAP Coverage:

  • Protects for the term of the loan
  • Covers vehicles valued up to $100,000 at the time of purchase
  • Pays benefits up to $50,000
  • Covers insurance deductibles up to $1,000
  • $1,000 down payment benefit for replacement vehicle, if financed at UVA Community Credit Union
  • Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles

Call 434-964-2001 to speak with a Representative to learn more!

Extended Warranty

Mechanical Repair Coverage is a high-quality, comprehensive coverage that provides repair cost protection beyond the manufacturer's warranty on new or used vehicles financed by the credit union. Compare this coverage to dealer programs to see that you can save money while receiving a flexible, easy-to-understand, less expensive coverage.

Mechanical Repair Coverage offers:
  • Three plans to choose from for price and protection level
  • Flexible term and mileage options ranging from 12 to 84 months and 12,000 to 100,000 miles
  • Choice of $0, $50, or $100 deductibles
  • Competitive pricing as compared to dealer and non-dealer programs
  • Hassle-free claim payments directly to repair facility
Extra Benefits include:
  • Rental car and towing reimbursement
  • Emergency travel expense reimbursement
  • 24-hour, toll-free roadside assistance
  • Use any licensed repair facility in the U.S. and Canada
  • One low deductible per visit
  • No limit on the number of claims paid

Call 434-964-2001 to speak with a Representative to learn more!
Other asset protection products are also available; one of our Member Wealth Management Representatives can help you evaluate which insurance is best for you.
 

For information on any of our loan products, visit our Loan Overview.
For information on Online Banking and how it can help manage your finances online, view our Online Banking Overview.

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