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.
How Does GAP Insurance Help 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.
Benefits for Borrowers
GAP insurance is a must-have for borrowers. Here’s why it’s a smart option for those financing a vehicle:
- 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: With GAP insurance, you won’t face the financial burden of continuing to pay for a car that you no longer own.
- 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.
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.
By choosing WyHy for your auto loan, you benefit from competitive rates and flexible loan terms, as well as the added security of GAP insurance.
Secure Your Ride
Your vehicle is an investment that deserves protection, and GAP insurance provides just that. Whether you’re buying new or used, securing GAP coverage is a smart decision for anyone financing a car.
Don’t wait until it’s too late. 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.
