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.
How Does GAP Insurance Help You?
If your car is stolen or totaled, your regular auto insurance will only cover the current market value, which can be much lower than the amount you owe on your loan. GAP insurance covers this gap, making sure you're not left with outstanding debt.
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.
Benefits for Borrowers
GAP insurance offers several key benefits for borrowers, making it a smart choice when financing a vehicle:
- Added Peace of Mind: With GAP insurance, you can rest easy, knowing that you’re covered if something happens to your vehicle.
- Guarding Against Vehicle Depreciation: GAP insurance protects you from the rapid depreciation of a new car, ensuring you’re covered if the car is lost or totaled.
- Prevent Financial Setbacks: GAP insurance helps prevent the financial hardship of paying off a loan for a car you no longer have.
- Affordable Coverage: 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.
WyHy offers competitive rates and flexible loan options, with the added peace of mind that your investment is covered by GAP insurance.
Protect Your Vehicle Today
Securing GAP insurance is a wise decision for protecting your vehicle investment, whether you’re purchasing a new or used car.
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.
