Loan Protection

Protect your loan and your vehicle with low-cost loan protection products from Farm Bureau Bank.
Enjoy piece of mind knowing your loan is covered from:
  • Accident or theft resulting in a total vehicle loss
  • Costly repairs outside the manufacturer's warranty
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  • Protects against financial loss if vehicle is damaged beyond repair (totaled) or stolen and never recovered2
  • Pays the difference between the insurance settlement and the outstanding loan balance2
  • Available on most new and used vehicles3
  • GAP fees can be added to your loan and included in your monthly payment
  • Cancel within 60 days for a full refund4
GAP Pricing for Automobiles and Trucks
Includes automobiles (cars, SUVs, minivans), light-duty trucks
Excludes vehicles that exceed 1-ton capacity.
For loans in a business name or used for a commercial purpose, add $200 to the applicable price.
Other restrictions may apply.
GAP Pricing for Boats
Excludes commercial boats, yachts, or ships
Other restrictions may apply.
GAP Pricing for Motorcycles and Powersports
Includes motorcycles, Jet Skis, golf carts, ATVs, snowmobiles
For loans in a business name or used for a commercial purpose, add $200 to the applicable price.
Other restrictions may apply.
GAP Pricing for Recreational Vehicles [RV] and Travel Trailers
Excludes horse trailers
Other restrictions may apply.
  • Protects against unexpected vehicle repair costs beyond the manufacturer’s warranty6
  • Eliminates out-of-pocket expenses outside of your deductible (repairer paid directly in most cases)
  • Repairs can be done at any licensed US or Canadian repair facility
  • No limit on the number of claims (up to maximum liability)
  • Cancel within 60 days for a full refund7
  • Additional value-added benefits:8
    • On-site emergency roadside assistance service
    • Key fob replacement
    • Trip interruption
    • Rental vehicle
    • Tire road hazard
    • Total loss refund

Choose the coverage and deductible that meets your needs.

Deductibles (per visit):

  • $100 (standard)
  • $0 (surcharge applies)

Coverage Options:

  • Exclusionary Coverage6 - Covers the cost of mechanical breakdown of manufacturer installed mechanical or electrical parts. Coverage is so extensive that the plan only names those parts that are excluded from coverage.
  • Named Parts Coverage6 - Covers the cost of repairs due to mechanical breakdown of manufacturer installed named mechanical or electrical parts.

Major Mechanical Protection [MMP]

Additional Information:
  • Loan protection can be purchased outright or financed with vehicle loan
  • MMP coverage is transferable (one time) upon private sale for a small fee
  • For business vehicles to qualify for MMP coverage, loan must be in the owner's name(s) with a commercial use6
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1 GAP claim coverage does not extend to cover amounts from payments that are delinquent, extended or skipped (Skip-A-Pay program) during the term of the loan.

2 GAP maximum: 125% MSRP (new) / NADA (used). GAP limit of liability: $50,000

3 Restrictions may apply based on balance, collateral, and loan term.

4 The purchase price for GAP may be fully refunded within 60 days of the effective date of coverage.

5 Excludes vehicles that exceed 1-ton capacity.

Not available in California, Florida, or Massachusetts. Farm Bureau Bank does NOT offer MMP on equipment, boat, and non-vehicle loans. Additional restrictions apply for commercial use vehicles. See MMP policy for complete list of coverages and/or list of exclusions.

The purchase price for MMP may be fully refunded if cancelled within 60 days of contract purchase date. After 60 days, refund is prorated based on greater of time or miles.

See MMP contract for additional details.

All miles are additive, and contract terminates once added miles are concluded or once term months have been reached, whichever comes first.

10 Ultimate and Deluxe – See policy for specifics. Select – Only in conjunction with a covered repair.

11 Ultimate and Deluxe ONLY – GPS/Navigation System, night vision system, video components (e.g. back-up camera, video touch screen, DVD player, video game player), and proximity sensors. See contract for additional details.

12 Maximum liability for Select coverage is limited to $5,000 or two times the price paid for the contract, whichever is greater. A 30-day and 1,000-mile exclusionary period applied for Select plan only.