How Much is Gap Insurance?

2020 Nissan Altima Driver

If you’ve just recently heard about gap insurance, then it may seem like there’s a lot to learn. However, our Tanner Nissan finance team is always ready to help make the process simple to understand. But how much is gap insurance? The good news is that the average cost of gap insurance is actually rather low – especially in comparison to your whole policy. That’s why most lenders will bundle the gap insurance cost into your car loan, or into your car insurance policy. If you’re curious about gap insurance prices, our team will help you learn more!

Gap Insurance Cost As Part of Your Regular Policy

So, how much is gap insurance if it’s an add-on to your current policy? The average cost of gap insurance in this instance is just $20 per year! Most of our Nisswa-area customers prefer to go this route, as it’s the most convenient. However, there are some insurers that do not provide this as part of an existing policy, only a standalone policy.

Gap Insurance Cost As a Standalone Policy

When you get your gap insurance price as a standalone policy, you’ll notice that it’s a little higher when offered, but it is still pretty affordable when compared to other types of coverage. So, how much is gap insurance in this scenario? Gap insurance coverage as a standalone policy will cost between $200 and $300 as a one-time fee.

Gap Insurance Cost From Your Lender

Most Aitkin-area lenders are willing to wrap the gap insurance price into your car loan. This one-time fee often runs between $500 and $700. This is because your lender understands that your car sometimes depreciates more quickly than your payment plan pays it off, so they want to ensure that your investment is covered in the event of a full loss.

The Tanner Nissan Finance Team is Here to Help!

Our finance experts at Tanner Nissan are here to walk you through your insurance options and explain why gap insurance is so important and worth considering. We make it easy for you to get behind the wheel of your next luxury Nissan vehicle with ease at Tanner Nissan. You can even apply for financing online from the comfort of home. Contact our team today to learn more.

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