Protecting Your Vehicle Investment
When you purchase a car, you want to ensure it’s fully protected, not just against accidents or theft, but also in case something unexpected happens. That's where GAP (Guaranteed Asset Protection) insurance comes in. It’s an essential add-on that helps cover the difference between what you owe on your vehicle loan and what your insurance will pay if the car is totaled or stolen.
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.
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.
Why Borrowers Should Consider GAP Insurance
GAP insurance provides valuable protection for borrowers, offering a range of benefits that make it a wise choice for anyone financing a car:
- 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.
- Shielding Yourself from Depreciation: Because new cars depreciate fast, GAP insurance ensures you're financially protected in case of an accident or theft.
- Prevent Financial Setbacks: With GAP insurance, you won’t face the financial burden of continuing to pay for a car that you no longer own.
- 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.
