Protecting 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 GAP Insurance Works
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.
Key Advantages of GAP Insurance 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 won’t be financially burdened if something happens to your car.
- Guarding Against Vehicle Depreciation: Because new cars depreciate fast, GAP insurance ensures you're financially protected in case of an accident or theft.
- Prevent Financial Setbacks: 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.
With WyHy, you get the benefit of competitive rates and flexible loan options, with the added assurance that you have the right protection in place.
Ensure Your Vehicle’s Protection with GAP Insurance
Securing GAP insurance is a wise decision for protecting your vehicle investment, whether you’re purchasing a new or used car.
Act now to protect your investment. Take action now and contact WyHy to explore how GAP insurance can help safeguard your vehicle investment.
