Why Protecting Your Vehicle is Important
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 GAP Insurance Works
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.
Key Advantages of GAP Insurance 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: GAP insurance gives you peace of mind knowing that you won’t be left with debt if your car is totaled or stolen.
- Guarding Against Vehicle Depreciation: New cars lose value quickly, and GAP insurance ensures you're covered in case of a total loss.
- Prevent Financial Setbacks: It helps you avoid having to pay off a vehicle loan after the car is no longer in your possession.
- Affordable Coverage: 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.
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
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.
