Purchasing a new vehicle from South Austin Nissan is an exciting experience, but before you drive off the lot you’ll need to purchase insurance coverage for your Nissan. While liability insurance is required, other plans like comprehensive insurance and Gap insurance are optional, but can provide additional coverage to San Marcos drivers.
What is Gap protection? Gap insurance helps cover the “gap” between the current value of your vehicle and what you still owe on your vehicle loan at the time of a total loss accident. Due to its low cost and high potential benefits, many drivers and insurers consider Gap insurance worthwhile. Learn more about if Gap insurance is worth it and what Gap insurance is on a car with the South Austin Nissan finance team below.
Gap insurance is also known as Guaranteed Asset Protection, and is an optional insurance package sold at many Round Rock insurers. Unlike Liability insurance, Gap insurance helps you pay off the remainder of your car loan if your vehicle is written off as a “total loss” by your insurer after an accident. Read below to see what’s covered by Gap insurance protection:
Gap Insurance Covers:
Whether your vehicle is damaged in an accident or an environmental disaster, Gap insurance will cover the cost between what your insurance will pay and the current cash value of your vehicle. For example, if you took out a loan for $30,000, but your vehicle is only worth $20,000 at the time of your accident, Gap insurance will cover the remaining $10,000. This coverage applies whether you have a lease or a loan on your vehicle.
Gap insurance is not a required form of auto insurance, however, it’s highly recommended by insurers, lenders, and South Austin Nissan customers. Gap insurance has a low yearly cost, and it’s potential benefits make it worth the extra payment. Read below to see why many drivers believe Gap insurance is worth it:
There are many ways to purchase Gap insurance in the Austin area, and some auto insurance companies may offer Gap insurance coverage for as little as $20 a year. You can purchase Gap insurance from area dealerships, car-loan companies, and other insurers. Call ahead to confirm your chosen provider offers Gap insurance coverage, then discuss your coverage options with them!
Now that you have a better idea of what Gap protection is, browse our other car buying tips for information on buying vs. leasing and what the MSRP is on a new or used vehicle. If you have any questions about Gap insurance coverage or any other type of insurance your vehicle needs, don’t hesitate to contact our team. We’re here to answer all your questions about the car buying process!
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