Financing a used Nissan vehicle comes with several considerations, including GAP insurance. This system gives you financial assistance in the case that your vehicle is totaled, letting you stay covered even in the worst-case scenario. If you’re wondering if you should get GAP insurance on a used Nissan car, let the Hall Nissan Virginia Beach experts help you figure it out.
What Is GAP Insurance?
Guaranteed asset protection insurance, or GAP insurance, is additional coverage added to your vehicle that comes into play if it is totaled. If you claim the vehicle as a total loss after an accident on your insurance, or the vehicle is stolen, GAP insurance covers the difference between the vehicle's value and what you still owe.
When Do I Need GAP Insurance?
GAP insurance is a great safeguard to have for many drivers, but not everybody needs it. Factors to consider include:
- How often you drive: The more you drive, the more often you’re at risk of a serious accident. That means you’ll want to apply for GAP insurance if you drive frequently and drive far.
- Your loan terms are longer: On a longer financing plan, you won’t be paying as much each month as part of your regular payments. That means additional coverage will keep you financially stable if an accident happens before most of your payments are made.
- The vehicle is less than three years old: Newer Nissan models depreciate more quickly, increasing the likelihood that you owe more than the vehicle is worth.
Finance a Used Nissan Vehicle in Virginia Beach, VA
Ready to shop for a used Nissan car? Our dealership is the place to go. Contact Hall Nissan Virginia Beach today to learn about pre-owned Nissan financing and applicable insurance and warranty options.