What are you going to do today? Do you want to test drive a new Nissan car, or look through our inventory of pre-owned Nissan vehicles? There are a lot of factors that go into the car buying process, and we’re here to help you through each and every step. One of those steps is gap insurance. Do you know what it means?
Gap insurance is a type of car insurance that’s meant to do one thing: if your vehicle is destroyed or stolen, gap insurance will pay the difference between what the vehicle is worth and the amount you still owe on it.
Whether you get a new or pre-owned car is irrelevant in the context of gap insurance. What does matter is whether your financed or leased your vehicle, or if you paid for it in full upfront. If you own your automobile outright or you can easily afford to pay off your outstanding car loan, you most likely won’t need gap insurance.
If you fall into one of the following categories, it’s a smart idea to inquire about gap insurance:
- You leased your vehicle
- You put down less than 20 percent
- You financed for more than 60 months
- You purchased a vehicle that depreciates faster than average
- You rolled over negative equity from an old car loan
Gap insurance is easy to understand once you know the basics and how it applies to certain situations. To learn more, contact our Nissan dealers serving Wausau, WI as soon as today. We at Van Horn Nissan Stevens Point are more than happy to assist with any inquiries or concerns you may have.