Ensuring the Protection of 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
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.
For example, if your car is worth $15,000 but you owe $18,000 on your loan, your insurance company might only pay you $15,000. GAP insurance would cover the remaining $3,000, preventing you from being stuck paying off a loan for a car you no longer have.
Why Borrowers Should Consider GAP Insurance
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.
- 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 and Valuable Protection: In addition to its benefits, GAP insurance is often inexpensive, providing great value for the protection it offers.
Get GAP Insurance with WyHy Loans
At WyHy, we provide GAP insurance as an affordable and valuable option for your auto loan. Adding GAP insurance to your loan means you can drive with confidence, knowing that your vehicle is protected.
WyHy offers competitive rates and flexible loan options, with the added peace of mind that your investment is covered by GAP insurance.
Protect Your Vehicle Today
Securing GAP insurance is a wise decision for protecting your vehicle investment, whether you’re purchasing a new or used car.
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.
