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Hyundai Assurance Gas Lock ads - Click above to watch the videos after the jump

Hyundai is piling on additional incentives to boost its Assurance program as the industry heads into the dog days of summer. The newest promotion, Gas Lock, fixes the price of regular unleaded at $1.49 per gallon for the next year. The program runs July 1 through August 31, and eligible vehicles include the Accent, Sonata, Tiburon, Elantra, Elantra Touring, Entourage, Azera, Santa Fe, Tucson and Veracruz. Customers choosing to utilize Gas Lock will forgo $1,000 in available rebates, making the incentive a gamble that gas prices will remain high.

Hyundai Assurance struck at cord with the American public when it offered payment protection in the event of job loss. Now Hyundai is looking to give consumers increased peace of mind over of the volatility of gas prices, which have swung from under $2 a gallon a few months ago to nearly $3 at the beginning of summer.

John Krafcik, CEO and president of Hyundai Motor America, says the company's research shows that "nearly 40% of potential new car buyers are staying out of the market specifically due to uncertainty around future gas prices."

You may remember that last year, Chrysler tried a similar promotion, offering the opportunity to lock in gas at $2.99 per gallon when a gallon of petrol was at an all-time high of about $4.50. The move didn't appear to be very successful for the Pentastar, as most opted to instead take the upfront cash on the hood. Hit the jump to pour over the particulars of Hyundai's Gas Lock promotion, watch the two commercials, and let us know in the comments section if you feel customers would be better off taking the $1,000 or one year of $1.49 gasoline.

[Source: Hyundai | Image: Justin Sullivan/Getty]

Continue reading New Hyundai Assurance provision locks gas at $1.49/gal for one year [w/VIDEO]

New Hyundai Assurance provision locks gas at $1.49/gal for one year [w/VIDEO] originally appeared on Autoblog on Tue, 30 Jun 2009 11:28:00 EST. Please see our terms for use of feeds.

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