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
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.
Benefits for Borrowers
GAP insurance offers several key benefits for borrowers, making it a smart choice when 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.
- Guarding Against Vehicle Depreciation: New cars lose value quickly, and GAP insurance ensures you're covered in case of a total loss.
- Avoid 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
WyHy offers GAP insurance as an affordable and valuable addition to your auto loan package. By adding GAP insurance to your loan, you can enjoy greater financial security in the event of an accident or theft. It's a simple add-on that ensures your investment is protected, offering peace of mind as you drive your new or used vehicle.
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
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.
