GAP Insurance & MBI Protection
Whether your vehicle is totaled or needs major repairs, unexpected costs can add up fast. GAP Insurance and Mechanical Breakdown Insurance work together to protect you from financial setbacks—covering the gap between what you owe and what your car is worth, plus costly repairs down the road.
Why Do I Need GAP or MBI?
Theft
In the event your vehicle is stolen, GAP insurance can cover up to 125% of your vehicle's remaining loan balance.
Accident
Let MBI cover the cost of repairs after an accident—or rely on GAP if your vehicle is totaled
Life
Life is often out of our hands. Let WEOKIE be there for you when you need it.
Guaranteed Asset Protection (GAP)
Guaranteed Asset Protection (GAP)
WEOKIE Federal Credit Union GAP insurance protects you in the event your vehicle is deemed a total loss. This can happen if your vehicle is stolen or damaged beyond repair.
Your insurance settlement may not completely pay off the loan you have on your vehicle, but if you purchase GAP coverage, that remaining balance could be canceled.
Protects all autos, ATVs, boats and RVs at a low, one-time cost.
Can often be added to your overall loan amount
GAP insurance is best suited for new car buyers, holders of leased cars, and owners of high-depreciation vehicles like RVs, ATVs, and boats.
Plus, if you finance your replacement vehicle with WEOKIE within 90 days, GAP insurance will extend the coverage and apply an additional $1,000 towards the new loan through a perk called GAP Advantage with PowerBuy.
Click below and get the best car, ATV, RV and boat GAP insurance in Oklahoma!
Additional Coverage Details for GAP Insurance
|
Collateral Type
|
Max MSRP/J.D. Power Coverage
|
Missed Payment Coverage
|
Max Eligible Loan Term
|
Max Eligible Loan Balance
|
GAP Adv Cost Per Waiver
|
|---|---|---|---|---|---|
|
Autos
Light Trucks |
125%
|
Two (2) Missed Payments (per year)
|
96 Months
|
$125,000
|
$725
|
|
Motorcycles
ATVs Snowmobiles Golf Carts Jet Skis |
125%
|
Two (2) Missed Payments (per year)
|
240 Months
|
$50,000
|
$725
|
|
Travel Trailers
Watercrafts Motor Homes |
125% |
Two (2) Missed Payments (per year)
|
240 Months
|
$0–$50,000
$50,001–$100,000 $100,001–$150,000 $150,001–$200,000 $200,001–$240,000 |
$799
$850 $925 $1,250 $1,450 |
Mechanical Breakdown Insurance (MBI)
Mechanical Breakdown Insurance (MBI)
Mechanical Breakdown Insurance covers costly repairs to your vehicle and is accepted at repair shops nationwide.
Can often be added to the cost of your overall loan, or you can opt to pay it out of pocket.
Purchase MBI coverage anytime, even if your vehicle is still financed with another lender.
MBI insurance is best for new car buyers, drivers whose vehicle manufacturer’s warranty has expired, and high-mileage drivers who depend on their vehicles for work.
Get your vehicle the protection it needs, and give yourself the peace of mind you deserve.
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EVOLVE (EV SPECIFIC)
Coverage Highlights:
- Up to 8 years / 100,000 miles
- Potential Savings Up To $3,457 per Component
Plan Types:
- Elite: Most Comprehensive Coverage
- Wrap: Non-Powertrain Protection
- High-Tech: Electronic Systems Focus
Total Vehicle Protection
Coverage Highlights:
- New & Pre-Owned Vehicle Options
- Flexible Coverage Levels
Coverage Levels:
- Basic: Core Mechanical Components
- Select: Extended Component Coverage
- Deluxe: Comprehensive Protection
- Supreme: Nearly All Factory Parts
SHARED BENEFITS
Car Rental
Reimbursement $50-$250 based on repair costs
Trip Interruption
Up to $300 for hotel/restaurant expenses
Roadside Assistance
24/7 Towing, Lock-out, Tire & Battery Service
Additional Coverage Details for MBI
New Vehicle Coverage
Today, drivers keep their vehicles longer than ever, often leaving them unprotected against mechanical and electrical failures after their factory warranty has expired.
- Total Vehicle Protection offers broad new coverage to complement your current factory warranty and the way you drive.
- Choose from three levels of coverage and several time/mileage options to suit your lifestyle, driving habits, and how much your car is worth.
- Total Vehicle Protection offers protection for your vehicle for up to seven years or 100,000 miles.
- Coverage begins the day you purchase your service contract.
Pre-Owned Vehicle Coverage
Unanticipated mechanical failures can be an unfortunate part of owning a car. It’s best to be prepared for the unexpected.
- With Total Vehicle Protection, the most critical and expensive components of your vehicle are covered.
- Offering four levels of coverage, Total Vehicle Protection helps ensure you are protected against costly mechanical and electrical repairs.
- Coverage starts the day you purchase your vehicle.
Ready to Take The Next Step with MBI or GAP Insurance?
Step 1
Apply Online:
Use our secure online loan application to provide your details and information about your future vehicle.
Step 2
Agree and Sign:
We'll offer you a loan amount and rates based on your chosen term and vehicle make and model.
Step 3
Get a Sight Draft:
We'll give you a sight draft and you can take it to the dealership to buy your vehicle without any hassle.
"I love doing business with WEOKIE. I have financed 4 vehicles with them and am amazed how quick and easy the process is."
Patty D.
Explore Our Vehicle Financing Options
GAP Insurance & MBI Protection FAQs
GAP insurance covers the difference between your car's current book value and the amount you owe on your loan or lease in the event your vehicle is totaled or stolen. It ensures you aren’t stuck paying the remaining balance out of pocket. Your coverage typically excludes your deductible, extended warranties, and other add-ons.
GAP insurance doesn’t directly pay off your auto loan. Instead, it covers the difference between what you owe on your loan and the amount your car insurance pays if your vehicle is totaled or stolen. In other words, it helps ensure you won’t have to pay the remaining loan balance out of pocket if your insurance payout is less than your loan balance.
In the event of a total write-off, GAP insurance works by stepping in to cover the difference between the cash value of the vehicle as determined by your car insurance company and the outstanding balance on your auto loan or lease. However, GAP insurance will not pay your deductible and does not cover missed loan payments, penalties, or other financial liabilities associated with your loan.
You can buy GAP insurance from credit unions like WEOKIE, banks, car dealerships, and specialist auto insurance outfits. Look for providers who offer comprehensive coverage worth the cost of GAP insurance.
GAP insurance typically covers up to a certain percentage of the actual cash value of your vehicle. This is intended to eliminate the “gap” between the cash value of your car and the outstanding loan or lease balance. Different policies will offer different coverage limits under various conditions. For example, WEOKIE Federal Credit Union’s GAP policy covers up to 125% of your vehicle’s remaining loan balance in the event your car is stolen.
Mechanical breakdown insurance typically does not cover the following:
- Routine maintenance, such as oil changes, tire rotations, and brake pad replacements.
- Wear and tear on items that degrade naturally with time and use, such as brake linings, clutches, and windshield wipers.
- Damage from accidents, which should be covered by collision or comprehensive auto insurance.
- Cosmetic Damage, such as scratches, dents, and upholstery stains.
Yes, you do need to be a WEOKIE member to qualify for GAP or MBI coverage. Membership is open to:
- Anyone who lives, worships, works (or regularly conducts business in), or attends school in the Oklahoma City area, consisting of Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma, and Pottawatomie Counties (as well as spouses of persons who died while within the field of membership of the credit union)
- Employees of the credit union
- Volunteers in the community
- Current WEOKIE members’ immediate relatives (including spouses, children, siblings, parents, grandparents, grandchildren, stepparents, stepchildren, step-siblings, and adoptive relationships)
Disclosures
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