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.
Understanding How GAP Insurance Protects You
If your car is stolen or totaled, your regular auto insurance will only cover the current market value, which can be much lower than the amount you owe on your loan. GAP insurance covers this gap, making sure you're not left with outstanding debt.
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:
- Financial 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: GAP insurance helps prevent the financial hardship of paying off a loan for a car you no longer have.
- Affordable and Valuable Protection: GAP insurance is generally inexpensive when added to your car loan, especially when compared to the potential financial risks it protects against.
Add-Ons 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.
Ensure Your Vehicle’s Protection with GAP Insurance
Securing GAP insurance is a wise decision for protecting your vehicle investment, whether you’re purchasing a new or used car.
Act now to protect your investment. 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.
