People smartly put a lot of thought into their financial picture when they’re shopping for a new car, truck or SUV at Barrie Nissan. Over the years, we’ve noticed an increase in customers with deep knowledge of how much it truly costs to own an automobile, including regular maintenance and insurance. However, we also see a lot of people who don’t know what they don’t know. That’s where GAP coverage and other financial protections available from the finance team at Barrie Nissan come into play.
Total Loss Protection
What Is GAP Coverage?
An unfortunate reality of automotive ownership is that the very moment your brand new vehicle leaves touches the road surface in front of the dealership, it loses a substantial amount of value. Depreciation is not ideal; it’s just a fact of life. Total loss protection plans or GAP coverage help ensure owners aren’t left paying for a vehicle they can’t drive because it was totalled in an accident.
Adding GAP coverage to your purchase is the best way to protect yourself financially from the unknown. The way it works is very simple.
Assume you took out a $24,000 loan to finance the purchase of a vehicle. Sometime later, you’re involved in a collision, and the insurance company decides to write it off as a total loss. However, when the insurance settlement comes through, they value the vehicle at just $17,000. You could potentially be on the hook for the remaining uncovered $7,000.
GAP coverage literally fills the gap between how much is owed on the loan and how much the insurance company says the automobile is worth at the time of the accident. Additionally, GAP coverage is also recommended to lease customers for the same reasons.
Life, Disability and Job Loss Coverage
What Is Creditor Protection?
Sometimes bad things happen to good people through no fault of their own. The stark reality of human tragedy is that the remaining loved ones can be left on the hook to cover outstanding financial obligations. A Life, Disability and Job Loss insurance plan can protect a lot of people and their credit.
Creditor protection plans are available insurance policies that can be purchased when buying a car at Barrie Nissan. A creditor protection policy covers people in the case of accidental death, disability or the involuntary loss of employment. Should any of these circumstances befall someone, they at least won’t have to worry about paying their car note.
The financial team at Barrie Nissan has decades of experience finding affordable ways to protect our customers and their assets, both automotive and otherwise. If you need help finding products to give you extra peace of mind, make an appointment with our team today.