Why Protecting Your Vehicle is Important
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.
How Does GAP Insurance Help You?
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.
Benefits for Borrowers
GAP insurance provides valuable protection for borrowers, offering a range of benefits that make it a wise choice for anyone financing a car:
- 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.
- Cost-Effective Coverage: 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
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.
Protect Your Vehicle Today
Securing GAP insurance is a wise decision for protecting your vehicle investment, whether you’re purchasing a new or used car.
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.
