Why Protecting Your Vehicle is Important
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.
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 offers several key benefits for borrowers, making it a smart choice when financing a vehicle:
- Added 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: It helps you avoid having to pay off a vehicle loan after the car is no longer in your possession.
- Cost-Effective 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
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
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.
Protect your ride before 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.
