Ensuring the Protection of Your Vehicle Investment
When buying a car, ensuring its protection is key—not only for accidents or theft but also for any unforeseen events. GAP (Guaranteed Asset Protection) insurance is a valuable add-on that helps fill the gap between your car loan balance and your insurance payout if the vehicle is stolen or totaled.
Understanding How GAP Insurance Protects You
Standard auto insurance covers the market value of your car in case it’s totaled or stolen, but due to rapid depreciation, the payout may fall short of covering your loan balance. This is where GAP insurance steps in, covering the difference.
Let’s say your car is worth $15,000, but you still owe $18,000 on your loan. Your insurance will cover $15,000, but GAP insurance will cover the remaining $3,000, sparing you from paying for a car you no longer have.
Why Borrowers Should Consider GAP Insurance
GAP insurance is a must-have for borrowers. Here’s why it’s a smart option for those financing a vehicle:
- Financial Peace of Mind: GAP insurance gives you peace of mind knowing that you won’t be left with debt if your car is totaled or stolen.
- Protection Against Depreciation: Because new cars depreciate fast, GAP insurance ensures you're financially protected in case of an accident or theft.
- Avoid Unexpected Financial Burdens: It helps you avoid having to pay off a vehicle loan after the car is no longer in your possession.
- Affordable and Valuable Protection: GAP insurance is generally inexpensive when added to your car loan, especially when compared to the potential financial risks it protects against.
Add-Ons with WyHy Loans
When you take out an auto loan with WyHy, you can add GAP insurance to your loan for added protection. This affordable add-on offers peace of mind, protecting your investment in case of an accident or theft.
By choosing WyHy for your auto loan, you benefit from competitive rates and flexible loan terms, as well as the added security of GAP insurance.
Secure Your Ride
Your car is a major investment, and protecting it with GAP insurance is a smart choice. Whether you're buying new or used, this coverage ensures that your vehicle is safeguarded.
Don’t wait until it’s too late. Contact WyHy today to learn more about our auto loan protection options and how GAP insurance can keep your vehicle investment safe.
