Member Service
If you are a members first point of contact when regarding a total loss, name one of three things you can do to help get the process started?
2. Ask the member if NWCU has permission to speak with their insurance company re: the Total Loss (please place a restriction on the person level stating “member notified of total loss for loan#5308123456 and authorizes NWCU to speak to XYZ insurance company”
3. Assure the member that once the settlement check is received if applicable, GAP documents will be mailed out to them.
What does GAP stand for?
If the member has GAP coverage through Allied, how many days do they have to cancel to receive a full refund?
60 days
What are the three types of collateral that cost more than the $499 premium?
Boats, RV's (Motorhomes) and Travel Trailers
Does the member need to make monthly payments during the total loss process?
Yes.
What is the cost of GAP for most collateral products?
$499
Who or what determines the value of the vehicle during the total loss process?
The insurance company or in certain, less common cases KBB
How will a member receive a GAP refund if they cancel the policy?
A paper check will be mailed
If member states cannot afford monthly payment, what department can we reach out to and connect the member with?
Member Solutions
A business or commercial loan qualifies for GAP?
On average, how long is the GAP Claim process?
On average 6-8 weeks. This can vary depending on the insurance company and timing it takes to receive documentation and insurance claim checks as well.
If you receive an insurance settlement or service contract refund check for a loan, what department should you forward it?
Support Services
If a member is unsure of whether they purchased GAP from the Credit Union or Dealer, what is a way we could find out?
Search for the loan documents/dealer docs in Nautilus
Look at the Meridianlink loan application
An additional benefit that our member may be awarded IF they have had a total loss on a current loan with NWCU and they have booked a new loan with NWCU within 90 days of the insurance settlement for the total loss.
GAP Advantage or GAP Advantage Benefit
Does the member need to continue carrying insurance coverage after the date of total loss?
No, the member does not need to continue insurance coverage as of the date of loss. It is important that the member notifies us of the total loss otherwise Allied Solutions may continue to contact the member for verification of coverage.
What does LOG stand for?
Letter of Guarantee
If a member wishes to cancel GAP, name two things we can do to start with processing the request?
Find and sign the correct cancellation form
Send a cview or submit the request to cancel
How much is the GAP Advantage benefit?
$1000
$50,000
Under what circumstance can I provide information like a payoff quote to an insurance company calling?
A verbal or fax authorization from the member needs to be given to NWCU to release this payoff information to the insurance company.