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
In the event that your car is totaled or stolen, your standard auto insurance policy will cover the current market value of the vehicle. However, cars depreciate quickly, and the insurance payout may not be enough to cover the remaining balance on your loan. This is where GAP insurance steps in to cover the "gap" between the two amounts.
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 provides valuable protection for borrowers, offering a range of benefits that make it a wise choice for anyone financing a car:
- 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.
- Avoid Financial Setbacks: It helps you avoid having to pay off a vehicle loan after the car is no longer in your possession.
- Affordable Coverage: In addition to its benefits, GAP insurance is often inexpensive, providing great value for the protection it offers.
Get GAP Insurance 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.
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.
Protect Your Vehicle Today
Your car is a major investment, and protecting it with GAP insurance is a smart choice. Whether you're buying new or used, this coverage ensures that your vehicle is safeguarded.
Protect your ride before 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.
