Nationwide offers gap coverage as an optional part of its comprehensive coverage. The company has been around for decades, delivering a variety of different policies to its members.
Established in 1925, Nationwide has evolved over the years to bring many different types of coverage, along with gap insurance for vehicles. This company is a Fortune 500 company and has been one of the leaders in offering insurance products for many years. Over the years, it has opened arenas and banks in its name and is a privately owned company, owned as a subsidiary of Nationwide Mutual Insurance Company since it bought out their stock. The company contributes financially and with time to charities to help children and others in need so that your money spent with them goes further than just your comprehensive coverage policy. This company has been well established over many years as a reputable insurance provider.
The gap coverage provided for your vehicle is first determined based on the newness of the vehicle. This company does not apply this type of coverage to vehicles older than six years. This is unhelpful to car owners or prospective car owners that find older vehicles to finance since they are not qualified for this specialized type of coverage. It is not required, but it is an option for those who get their auto insurance policy through Nationwide.
The actual gap insurance over the vehicle is typically the difference between what is owed and its cash value. Nationwide uses a specific formula to calculate how much is actually paid out. The policy uses the difference between the amount paid to the financial institution and the actual replacement value of the vehicle. This coverage is not used during any accident. In order to use your policy, your vehicle must be totaled and declared a total loss. If it is stolen, the insurance company must declare it a loss in order to pay out the money you qualify for. Without gap insurance, you may only receive the actual cash value instead of the money you paid out of your pocket. With it, you lose much less of your investment and can use that money toward a new vehicle. This company does not restrict it to a specific percentage, but you must get a quote from the provider to get specific details about your plan.
Nationwide Insurance is a long-standing company that offers a general gap insurance plan to keep you from losing any money spent on a new vehicle. However, it does limit the vehicle your purchase to being more recent than six years since it was produced.