Why Protecting Your Vehicle is Important
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?
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.
Imagine your car is valued at $15,000 but you owe $18,000. If the car is totaled, your insurance will pay $15,000, and GAP insurance covers the remaining $3,000, ensuring you’re not left paying off a loan for a car you no longer own.
Benefits for Borrowers
GAP insurance is a must-have for borrowers. Here’s why it’s a smart option for those financing a vehicle:
- Added 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: GAP insurance helps prevent the financial hardship of paying off a loan for a car you no longer have.
- Affordable and Valuable Protection: Adding GAP insurance to your loan is usually quite affordable, making it a valuable addition compared to the financial risks it safeguards 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.
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.
