Insurance Products & Services

Major Mechanical Protection

With automobile costs on the rise mechanical breakdown coverage becomes a necessity. Mountain America Insurance Services, in cooperation with National Auto Care, have teamed up to provide major mechanical breakdown coverage.

It's Just Too Easy to protect your vehichle. We offer several coverages and terms to choose from along with the potential refund of full premium. Premium can also be financed into your automobile loan. Major Mechanical Protection is available at any Mountain America Credit Union Branch.

To learn more or for a free quote, click here.

Guaranteed Auto Protection (GAP)

What is Guaranteed Auto Protection?

Whether your car is stolen or totaled, the aftermath can be as traumatic as the event itself. Under most loan agreements, you could be liable for big financial obligations that may not be covered by your auto insurance. Mountain America Insurance Services offers Guaranteed Auto Protection (GAP) to help you if the unexpected occurs. If there is a total loss as a result of an accident or theft of a covered vehicle, GAP will pay for the deficiency between the proceeds from your insurance settlement and the loan balance (less certain past due amounts, unearned fees and refundable insurance charges).

Example: Based on a sale price of $18,000, after one year the value of your auto would be $10,000, the amount you still owed would be $15,000. That leaves a gap of $5,000 that you are responsible for.

What Does GAP Cover?

In today's automobile market, during the first few years that you own your vehicle, your loan/lease balance can be higher than the actual value of your car, as a result of depreciation. As your car's value declines, your loan/lease balance can be significantly higher. If your car were stolen, or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan/lease balance.

GAP covers the difference between the market value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. In the event a deficiency exists, our program will cover your insurance deductible, up to $1,000.

Without GAP coverage, you would be required to pay this $5,000 in order to pay off your loan/lease balance.

You can get Guaranteed Auto Protection for just $245.00. GAP can be purchased within the first year of receiving your automobile financing.

For more information on GAP click here or contact us by phone at 801.325.6228 or toll-free 800.748.4302.

Loan Protection Insurance - Credit Life/Credit Disability Insurance

We offer Credit Life/Credit Disability payment protection through Transamerica Life Insurance Company , one of the strongest insurers in the United States. Feel secure in knowing that Credit Life Insurance pays off the outstanding balance of an insured loan in case of an insured member's death. Credit disability insurance takes over the payments if the insured becomes disabled.

When applying for a loan, please ask about these credit insurance options.

Eligibility requirements, premium rates, and exclusions are detailed in the Credit Life/Credit Disability application.

Frequently Asked Questions about Loan Protection Insurance

When credit union members take on a new financial obligation like a loan, they often ask about what would happen in the event of a death or disability.

That's where loan protection insurance comes in. Credit life and disability insurance can be a big help financially when difficult circumstances arise. Here are a few basic questions about this important financial protection available to credit union members.

What is loan protection?

Loan protection insurance is credit insurance directly tied to your loan. Credit life insurance pays off the loan (or reduces it) if the borrower dies. Credit disability insurance takes over the loan payments if the borrower becomes disabled.

How is loan protection different from other kinds of insurance?

Loan protection insurance takes care of a specific need. It's designed to make sure a debt doesn't become a burden if the borrower dies or becomes disabled.

How do you get coverage on your loan?

At some time during the process of taking a loan, you'll be given a chance to enroll in the loan protection program sponsored by your credit union. You'll also be informed of the cost. If you want loan protection, typically you won't have to go through a long approval process. Your insurance will become effective as soon as your loan is finalized.

Why do people buy loan protection insurance?

It offers a convenient, affordable way to make sure their family or loved ones wouldn't be saddled with the burden of debt in the event of death or disability. The cost is usually quite affordable.

How is the cost determined?

The cost of credit insurance is determined by your loan balance, not by your age, as it is with most other types of insurance. Your premiums only reflect the cost to insure your loan. For convenience, your premiums are included in your loan payment.

Who provides loan protection insurance?

Loan protection insurance is underwritten by Transamerica Life Insurance Company. Ask your credit union for complete description of carriers and plans. As of June 18, 2008 Transamerica Life Insurance Company was rated A+ by A.M. Best for financial condition.

If you would like to know more about loan protection insurance, call 801.325.6228 or 800.748.4302 and we will be happy to answer your questions.