Explore Sag-Aftra Fcu Auto Insurance: Benefits And Features

SAG-AFTRA Federal Credit Union (SAFCU) is a financial services and support provider for performers and entertainment industry professionals. SAFCU offers a range of products and services, including various savings products, checking accounts, loans, and credit cards. One of the services they offer is auto insurance in the form of Mechanical Breakdown Protection (MBP) and Guaranteed Asset Protection (GAP). MBP protects against unexpected mechanical failure, while GAP covers the difference between the value of a vehicle and its unpaid loan or lease balance in the event of theft or total loss. SAFCU also provides additional insurance options through trusted partners, including term life insurance and debt protection.

Mechanical Breakdown Protection

SAG-AFTRA Federal Credit Union is a financial institution that provides banking services to members of the entertainment industry, including those who are a part of approved groups like SAG-AFTRA. They offer a range of products and services, including insurance options, to meet the unique financial needs of their members.

MBP covers the costs of repairs or replacement parts for your vehicle in the event of a mechanical breakdown or failure. It acts as an extension or alternative to your standard car warranty, ensuring that you don't have to pay out-of-pocket for unexpected repairs.

• Comprehensive Coverage: MBP typically covers a wider range of mechanical issues than a standard warranty, which often only covers defects in materials or manufacturing.
• Longer Protection: MBP can provide coverage for up to 7 years or 100,000 miles, whereas standard warranties may have shorter coverage periods for different vehicle parts.
• Flexible Payment Options: MBP usually offers pay-as-you-go monthly or annual payment options, whereas extended warranties often require a high upfront cost.
• Choice of Repair Facility: With MBP, you can choose to have your vehicle repaired at any licensed repair shop or service center, rather than being limited to specific dealerships.
• Additional Benefits: Some MBP plans may offer added benefits, such as reimbursement for meal, hotel, or rental car expenses incurred during covered breakdowns while travelling.

It is important to note that MBP does not cover routine maintenance expenses, such as oil changes, tire rotations, or brake pad replacements. Additionally, wear and tear on certain parts, such as belts, hoses, and brakes, are generally excluded from coverage. Towing services and repairs due to accidents, collisions, or environmental damage are also typically not covered under MBP.

If you are interested in obtaining Mechanical Breakdown Protection for your vehicle, you can contact SAG-AFTRA FCU directly or visit their website for more information. They will be able to provide you with the specific details of their MBP offerings, eligibility requirements, and the application process.

Guaranteed Asset Protection

For example, if you owe $25,000 on your loan and your car is only worth $20,000, GAP insurance will cover the $5,000 difference, minus your deductible. This type of insurance is particularly useful if you are leasing a vehicle or have made a smaller down payment, as it can protect you from owing more on the loan than the vehicle is worth.

When purchasing a vehicle, dealers will often offer GAP insurance as an add-on to the loan. However, it is important to note that this will increase the total loan amount and the interest paid over time. GAP insurance can also be purchased directly from an auto insurance company, and some lenders and leasing companies may require it.

In addition to covering the difference in the loan amount, GAP insurance may also offer other benefits. For example, some policies will provide a $1,000 credit towards the purchase of a replacement vehicle if the original vehicle is totalled or stolen. GAP insurance can provide peace of mind and protect against financial risk in the event of vehicle theft or total loss.

SAG-AFTRA Federal Credit Union offers Guaranteed Asset Protection to its members, providing coverage in the event of vehicle theft or total loss. This protection ensures that members are not left with a deficiency of several thousand dollars, which could be the case if they only relied on the payout from their auto insurance policy.

By choosing to include GAP insurance, individuals can safeguard their finances and ensure they are not burdened with unexpected costs. It is a valuable form of protection for anyone financing or leasing a vehicle, offering reassurance and comprehensive coverage.

Debt Protection

Peace of Mind

Coverage Definitions

The specific coverage provided by Debt Protection can vary, but here are some common definitions:

• Death: Cancels the remaining loan balance up to a maximum amount, giving your family time to get back on their feet financially.
• Disability: Cancels or suspends monthly payments to help you during your recovery period, supplementing any disability coverage you may have through your work.
• Involuntary Unemployment: Cancels or suspends payments for a limited time while you search for new employment, ensuring one less major expense to worry about.

Customizable Options

Alternative Considerations

While Debt Protection can be valuable, it is important to consider alternatives as well. Instead of enrolling in a Debt Protection plan, you may be better off building an emergency fund or purchasing disability and life insurance policies, which offer more flexibility in how the money can be used.

TruStage Insurance

One of the key products offered by TruStage is Whole Life Insurance. This type of insurance provides permanent coverage with a locked-in rate that never increases, ensuring that your family's financial future is protected. With Whole Life Insurance, your loved ones will receive a cash benefit if something unexpected happens to you. The policy has no expiration date, and as long as premiums are paid, the coverage cannot be canceled. Additionally, the rate is locked-in upfront, and age or health concerns will not affect the cost.

TruStage also offers Accidental Death and Dismemberment Insurance (AD&D). This type of insurance provides coverage in the event of an accident, paying out if the policyholder dies or is injured. TruStage allows customers to add AD&D coverage to a traditional life insurance policy.

In addition to insurance products, TruStage also provides retirement planning services, including 401(k) plans. They aim to make the process of planning for the future as straightforward as possible for their customers.

TruStage has a long history in the financial industry, starting nearly a century ago as CUNA Mutual Group. Over the years, they have evolved and expanded their services, always with a focus on helping people make informed financial decisions. Today, they work closely with credit unions, financial advisors, small businesses, and consumers to provide reliable insurance, investment, and technology solutions.

Aflac's Group Accident Insurance

Accident insurance policies from Aflac pay cash benefits directly to the policyholder (unless assigned otherwise) to help ease the financial burden of an accident. This includes benefits for ambulance trips, physical therapy, CT scans, MRIs, confinement, blood transfusions, and medical appliances.

In the event of a common accident, Aflac's insurance can help cover fractures, broken teeth, eye injuries, and pain management. It also provides benefits for more severe injuries, such as burns, comas, paralysis, concussions, dislocations, and lacerations.

Filing an accident claim with Aflac is straightforward and can be done online, via the MyAflac® mobile app, or by filling out and submitting the necessary forms. To file a claim, detailed information and documentation related to the accident, such as the date, time, location, and pictures of the injuries, are required.

Frequently asked questions