What happens when you are driving your new Nissan Pathfinder and you get into an accident that is not your fault but your vehicle is damaged beyond repair. If you still owe more money on the vehicle than what it is worth, gap insurance can help. Many drivers are unaware of what gap insurance does as well as whether or not they need it. If you have questions regarding gap insurance and how it may pertain to your unique situation, the staff at Bedford Nissan is happy to help.
Gap insurance, or guaranteed asset protection insurance, is optional coverage that helps to protect you if you are leasing or financing a vehicle and you happen to owe more money on the loan than what the vehicle is worth. It can help you when you need to recover the difference of what you owe and what you will get from the insurance company should you be in a situation where your vehicle is deemed a total loss.
The good news is that if you do need gap insurance, it is affordable and generally averages a few dollars each month. Once you no longer need gap insurance and you have paid enough of the price of your vehicle so that you owe less than the total value, you have the ability to cancel your gap insurance coverage. If you happened to have prepaid for the coverage, you can be refunded for the premium that has not been used.
When it comes to gap insurance and any other questions you may have regarding the loan on your Nissan car, you can trust our knowledgeable Nissan finance team at Bedford Nissan to help. We are here to answer all of your questions and are ready to help you find the right purchase or lease agreement to meet your needs. Visit us today at 18115 Rockside Road in Bedford, OH.
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