Protecting Your Vehicle Investment
Purchasing a car is a major investment, and protecting it is crucial. GAP (Guaranteed Asset Protection) insurance offers essential coverage by covering the difference between what you owe on your car loan and what your insurance pays if your car is stolen or totaled.
Understanding How GAP Insurance Protects 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.
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: With GAP insurance, you can rest easy, knowing that you’re covered if something happens to your vehicle.
- Guarding Against Vehicle Depreciation: GAP insurance protects you from the rapid depreciation of a new car, ensuring you’re covered if the car is lost or totaled.
- Prevent 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: Adding GAP insurance to your loan is usually quite affordable, making it a valuable addition compared to the financial risks it safeguards against.
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.
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.
