Ensuring the Protection of 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 Does GAP Insurance Help You?
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.
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.
- 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 Coverage: 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
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.
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
Your vehicle is an investment that deserves protection, and GAP insurance provides just that. Whether you’re buying new or used, securing GAP coverage is a smart decision for anyone financing a car.
Protect your ride before it’s too late. Don’t wait for an accident to happen—contact WyHy today and find out how GAP insurance can protect your car and keep your finances secure.
