Getting into an accident is stressful enough without needing to worry about being underwater on a car that you can no longer drive. Luckily, Nissan GAP insurance, also known as Guaranteed Asset Protection insurance, provides an additional financial safeguard. The friendly finance team at Hall Nissan Virginia Beach is here to help you understand when GAP insurance can be beneficial.
What is the “Gap?”
Your comprehensive or collision auto insurance generally pays the actual cash value of your vehicle when it is totaled or deemed a total loss. The issue is that sometimes cars can depreciate faster than you pay down your loan. This difference between the insurance settlement and the amount that you still owe is known as the gap.
Nissan Security+Plus® Guaranteed Asset Protection is designed to cover that difference if your vehicle is stolen or totaled. These are a few situations where including GAP insurance is particularly helpful:
- You made a down payment of 20 percent or less
- Your financing term is at least 60 months long
- You have negative equity rolled over from a previous loan
What is Included with Nissan GAP Insurance?
Nissan Security+Plus® GAP protects both new and pre-owned vehicle buyers from covered losses involving theft, fire, accidents, and floods. The plan can also cover your primary auto insurance deductible up to $1,000. It is important to remember that GAP isn’t a substitute for your normal auto insurance. It doesn’t cover things like vehicle repairs, a down payment on your replacement vehicle, or rental car expenses.
Learn More About Nissan GAP Insurance in Virginia Beach, VA
The finance professionals at Hall Nissan Virginia Beach are happy to explain further about GAP insurance. We know that this topic can be complex, so we can help you determine whether it would be helpful for your individual situation. Visit us today!