At Bedford Nissan, we’re committed to helping you drive with confidence. We understand that buying a new Nissan car is a big decision, and protecting your investment is a priority. That’s where Nissan GAP insurance comes in.
How Does GAP Insurance Work?
Imagine you drive a brand-new Nissan Altima off our lot at Bedford Nissan. You finance most of the car with a loan, so the loan amount you owe is high. But cars lose value over time, especially in those first few years. This is called depreciation.
If your car gets totaled in an accident and is considered a complete loss, your car insurance will only pay out the car’s actual cash value (ACV). The ACV might be lower than what you still owe on your loan, thus creating a gap. You will owe the difference, which can be a significant financial burden. However, if you have GAP insurance, it will help cover this amount.
Is Nissan GAP Insurance Right for You?
Here are some factors to consider when deciding if GAP insurance is a good choice for your situation:
- Down Payment: If you made a small down payment (less than 20 percent), you may want to consider GAP insurance.
- Loan Term: Longer loan terms often increase the likelihood that there is a larger gap in your vehicle’s ACV and remaining loan cost.
- Car’s Value: Certain vehicles that depreciate quicker are more likely to benefit from GAP coverage.
Learn More About Nissan GAP Insurance at Bedford Nissan
Our knowledgeable finance department is happy to discuss your situation and help you determine if Nissan GAP insurance is right for you. The team at Bedford Nissan is here for any questions!
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