Purchasing a new or pre-owned Nissan vehicle is an exciting opportunity, and protecting your new investment is just as important. Beyond standard car insurance, Nissan GAP insurance and extended warranties are two ways in which Virginia Beach, VA drivers protect their Nissan vehicles. Here at Hall Nissan Virginia Beach, our finance experts are here to explain what you need to know about these coverage options.
What is GAP Coverage?
GAP, or Guaranteed Asset Protection, coverage is designed to protect you from financial risk in the event that your financed vehicle is declared a total loss. Common reasons this occurs are major accidents or theft. Your standard auto insurance typically only pays out the vehicle’s current market value, which may be less than what you owe on your loan, due to depreciation. GAP coverage helps pay for this “gap,” as it covers the difference between your insurance payout and the remaining loan balance, potentially saving you thousands of dollars.
What is An Extended Warranty?
Extended warranties, also known as vehicle service contracts, provide repair coverage for your vehicle’s components after the original warranty expires. For Nissan cars specifically, the automaker offers official Security+Plus® Vehicle Protection Plans that provide various levels of coverage for your vehicle. These include basic powertrain coverage to more comprehensive plans. Opting for an extended warranty provides a safety net against unexpected repair bills.
Do You Need Both Protection Plans?
Because GAP coverage and extended warranties protect against different types of situations, it can be beneficial to obtain both types of coverage. This way, you will be covered against total loss and mechanical issues that extend beyond the basic warranty.
Explore Nissan Protection Plans at Hall Nissan Virginia Beach
To learn more about GAP coverage plans and Nissan extended warranties, talk to a finance professional at Hall Nissan Virginia Beach. We’re here to help you protect your investment!