You are leaving Partners1stcu.org.

The website you are about to visit belongs to a third-party vendor, merchant or other entity. The content, materials and information are solely the responsibility of that provider and not Partners 1st. Be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Partners 1st FCU's website. For further information, you should read and evaluate the privacy information of that site.

Stay Proceed

Loan Insurance and Debt Protection

C Ds
Death Debt Protection

Death Debt Protection is designed to cancel the remaining loan balance should the borrower die. The outstanding balance of the loan would be paid off in the event of the member’s death, up to a maximum of $75,000 per loan.

  • Member must be age 18 or over
  • Maximum loan repayment period is 180 months
  • Member must be under age 70 on date loan is disbursed. Coverage ceases when member reaches age 70
  • Coverage excludes suicide during the first two years of coverage

Disability Debt Protection

Disability Debt Protection is designed to cancel loan payments for as long as the borrower is disabled. The protection helps protect the borrowers credit rating by making sure that the loan would not end up in default if those events occurred. There are two different plans based on your loan term.

  1. Loans with terms of less than 10 years - coverage will cancel the member’s monthly payment up to $1000 a month while the member is disabled and unable to work.
  2. Loans with terms of more than 10 years - coverage will cancel the member’s monthly payment up to $1500 a month while the member is disabled and unable to work.
  • To receive benefits, member must be off job 30 days or more
  • Only first name borrower is eligible
  • Member must be between ages 18-70 on date loan is disbursed
Gap Insurance (GAP) and Auto Deductible Reimbursement
Available only on auto loans

As you probably already know, as soon as you purchase a vehicle, it begins to depreciate in value. However, what you probably don't know is this: if your vehicle is stolen or totaled, the actual cash value of the vehicle can be lower than the balance still due on your loan, especially during the first few years of your loan or lease. Should your vehicle be totaled or stolen, there may be a "gap" left between what the insurance company settlement pays you for your vehicle and what you still owe on your loan - leaving you to pay on a vehicle you no longer own.

Protect yourself by financing your loan through Partners 1st and elect to purchase GAP Insurance, so you're spared the possibility of ever having to deal with this nightmare.

What does GAP cover?

GAP covers the difference between the cash value of your vehicle and the loan or lease value, not including delinquent charges, late charges, refundable service warranties, and other insurance-related charges. GAP covers up to 125% of the value of your vehicle minus other miscellaneous expenses.

Here's an example of how GAP Insurance can benefit you

Outstanding loan balance after one year:
$15,000

Cash value of vehicle after one year:
$10,000

Insurance settlement:
$10,000

Amount still due to pay off loan:
$5,000

GAP pays difference:
$5,000

You owe:
$0

Without GAP, you'd still owe $5000 to pay off your vehicle loan!

Why choose GAP Insurance?
  • GAP Insurance through Partners 1st offers you peace of mind-- you won't have to worry about out-of-pocket expenses for a vehicle that you no longer own.
  • You can avoid financial hardship.
  • You can more quickly afford a replacement vehicle.
  • You can protect your credit rating.
  • You may be eligible to get up to $500 of your deductible reimbursed (not available in Illinois and Arkansas).
How much does it cost?

GAP Insurance is inexpensive - just $399. And even better, you can add GAP Insurance to your loan for up to 18 months after you've gotten the loan!

If you'd like to add GAP Insurance to your vehicle loan, or have questions about GAP Insurance, visit your local office or contact Partner's 1st at 800-728-8943 or 260-471-8336.

Auto Deductible Reimbursement
  • Pays up to $500 per loss (limit of two losses per year) when claim is filed and paid with primary insurance carrier.
  • Loss means an event for which the auto insurance company has approved and paid a claim.
  • Coverage is effective upon date of enrollment and will continue for three (3) years.

If you suffer a loss during the Coverage Period which is covered by your Auto Policy, you may be entitled to reimbursement of the Covered Auto Deductible. Reimbursement will be equal to the Covered Auto Deductible on the Auto Policy, up to $500 per Loss.

Auto
Mechanical Breakdown Protection

Available only on auto loans.

Expensive repair bills can leave you stranded financially unless you have an extended protection plan. We offer this valuable protection at just a fraction of what you would pay elsewhere. Mechanical Breakdown Protection benefits include:

  • Competitively priced protection for new and used vehicles with your choice of deductibles
  • Cost may be significantly less than other protection plans
  • Cost can be financed into your loan payment; no money up front
  • National claims service; payment via major credit cards
  • Repairs authorized at any licensed facility in the United States and Canada
  • Protection may be canceled at any time for any reason
  • Additional benefits include rental assistance, towing, and trip interruption

We offer five different coverage plans based on your needs. If you would like to add Mechanical Breakdown Protection to your vehicle loan or have questions, visit your local office or contact Partners 1st at 800-728-8943 or 260-471-8336.

All of these insurance and debt protection programs include other exclusions and limitations and may not be available on all loans. Ask our staff for complete details, premium costs, and a copy of the actual policy.