McKayla Girardin, Car Insurance Writer
@mckayla_girardin
No credit unions offer their own car insurance, but many credit unions have partnerships with car insurance companies that allow members to qualify for special discounted premiums. Many large, well-known auto insurance companies have partnerships with credit unions, including GEICO, Travelers, and Liberty Mutual.
People also ask
How does gap insurance work?
Gap insurance works by covering the difference between the balance on a car loan or lease and what the vehicle is actually worth if it is stolen or declared a total loss. For example, if you owe $24,000 on your loan and your car is worth only $20,000 when it's totaled, gap insurance would cover the $4,000 gap. Purchasing gap coverage ensures that you don't have to make loan or lease payments for a car...
read full answer by WalletHub, Financial CompanyWhat happens if your car is totaled and you still owe money on the loan?
If your car is totaled and you still owe money on the loan, the insurance company will pay your lender for the car’s value, and you will be responsible for any remaining balance if the check is less than the loan amount. If you have gap insurance, it will cover the difference between the car’s value and the loan balance. Otherwise, you will need to continue making payments for as long as it takes to bring...
read full answer by WalletHub, Financial CompanyHow can I get cheaper car insurance?
The best way to get cheaper car insurance is to compare quotes from multiple companies and then switch to whichever insurer offers the coverage you want at the cheapest rate. Other ways to get cheaper car insurance include taking advantage of discounts, improving your driving record, and raising your credit score.
10 Ways to Get Cheaper Car Insurance
1. Compare quotes every 6-12 months.
Every car insurance company calculates premiums slightly differently,...
read full answer by WalletHub, Financial CompanyDid we answer your question?
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