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 Does GAP Insurance Help You?
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.
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 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.
- Shielding Yourself from Depreciation: Because new cars depreciate fast, GAP insurance ensures you're financially protected in case of an accident or theft.
- Avoid Unexpected Financial Burdens: It helps you avoid having to pay off a vehicle loan after the car is no longer in your possession.
- Cost-Effective Coverage: GAP insurance is generally inexpensive when added to your car loan, especially when compared to the potential financial risks it protects against.
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.
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.
Secure Your Ride
Securing GAP insurance is a wise decision for protecting your vehicle investment, whether you’re purchasing a new or used car.
Don’t wait until 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.
