General Motors debt protection costs hit new record

NEW YORK, July 31 (Reuters) - The cost to insure the debt of General Motors Corp (GM.N) hit record highs on Thursday, after finance company GMAC LLC reported a $2.48 billion loss for the second quarter, and one day before the automaker reports its second-quarter results.

Five-year credit default swaps on GM's debt jumped to 41.5 percent the sum insured, from 38.35 percent on Wednesday, plus annual premiums of 500 basis points, according to Markit Intraday. This means it would cost $4.15 million in a lump sum to insure $10 million in debt for five years, in addition to annual payments of $500,000. (Reporting by Karen Brettell; Editing by Tom Hals)