Credit Insurance

Print page

Credit insurance is available on most of our finance and leasing contracts.

This specialized insurance is a way for you to protect your family and your vehicle in the event of a death or disability.

A vehicle purchase is a major investment that customers make based on their current budget and financial situation. If changes occur that make it difficult or impossible to make the monthly payments, a family may find its vehicle under threat of repossession. Credit insurance can help provide peace of mind by avoiding that situation.

There are two different types of credit insurance:

Credit Life
Accident & Health

Credit Life Insurance pays the loan balance in full upon death of the insured. Instead of a monthly payment, the survivors will have a paid-off asset. Joint life insurance is available if there is a buyer and co-buyer.

Accident & Health Insurance pays the monthly payments on the loan upon a disability. There is a waiting period of 7 to 30 days, depending on the type of insurance.

Both types of insurance have costs that are regulated by the State of Missouri and do not vary based on age or health condition. There are some age limitations that make some senior citizens ineligible for credit insurance coverage. One of our Business Managers will be able to discuss the benefits and costs of credit insurance at the time of purchase.

GAP Insurance

Another type of insurance available on some finance and lease contracts is called GAP insurance (Guaranteed Auto Protection). If your vehicle is a "total loss" because of fire, theft or accident, it is possible that your loan payoff is more than the value offered by the insurance company. GAP protection will cover the "deficiency balance" between the vehicle's value and the loan payoff.