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?
Standard auto insurance covers the market value of your car in case it’s totaled or stolen, but due to rapid depreciation, the payout may fall short of covering your loan balance. This is where GAP insurance steps in, covering the difference.
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.
Benefits for Borrowers
GAP insurance is a must-have for borrowers. Here’s why it’s a smart option for those financing a vehicle:
- Financial 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: GAP insurance protects you from the rapid depreciation of a new car, ensuring you’re covered if the car is lost or totaled.
- Prevent Financial Setbacks: With GAP insurance, you won’t face the financial burden of continuing to pay for a car that you no longer own.
- Cost-Effective Coverage: In addition to its benefits, GAP insurance is often inexpensive, providing great value for the protection it offers.
Protect Your Car with WyHy GAP Insurance
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.
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.
Secure Your Ride
Securing GAP insurance is a wise decision for protecting your vehicle investment, whether you’re purchasing a new or used 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.
