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 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.
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 can rest easy, knowing that you’re covered if something happens to your vehicle.
- Guarding Against Vehicle Depreciation: New cars lose value quickly, and GAP insurance ensures you're covered in case of a total loss.
- 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
At WyHy, we provide GAP insurance as an affordable and valuable option for your auto loan. Adding GAP insurance to your loan means you can drive with confidence, knowing that your vehicle is protected.
WyHy offers competitive rates and flexible loan options, with the added peace of mind that your investment is covered by GAP insurance.
Secure Your Ride
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.
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.
