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.
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:
- Financial Peace of Mind: With GAP insurance, you won’t be financially burdened if something happens to your car.
- Protection Against Depreciation: Because new cars depreciate fast, GAP insurance ensures you're financially protected in case of an accident or theft.
- Prevent Financial Setbacks: GAP insurance helps prevent the financial hardship of paying off a loan for a car you no longer have.
- 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
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.
Ensure Your Vehicle’s Protection with GAP Insurance
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.
Act now to protect your investment. Contact WyHy today to learn more about our auto loan protection options and how GAP insurance can keep your vehicle investment safe.
