Collateral Protection Insurance
Collateral protection is designed for borrowers who have let their own insurance lapse and are unable or unwilling to obtain new insurance on their vehicle.
The premiums for the insurance are added to the borrower’s account, saving the bank the need to pay for the insurance. If the collateral becomes damaged the CPI insurance will repair the auto keeping the borrower in their vehicle, leading to a decline in repossessions.
If a vehicle is repossessed the CPI insurance will cover the loss of collateral value to the lender.
The ability to place and cancel CPI insurance can be made available to the lender through a secure web connection. Or the responsibility of tracking can be fully outsourced to GAA, cutting the bank’s time spent tracking insurance by up to 90% or more.
Coverages
- Collision & Comprehensive
- Automatic Coverage
- Confiscation Coverage
- Instrument Non-Filing Coverage
- Conversion or Secretion (Skip) Coverage
- Repossessed Property Coverage
- Mechanics Lien Reimbursement Coverage
- Repossession and Return Expense Reimbursement
- Repossession Storage Expense
- Repossession Expense Reimbursement Without Loss
- Mechanical Breakdown
- Insufficient Insurance Coverage
- Other endorsements available
Covered Collateral
- Autos
- Light Trucks
- Heavy Trucks
- Commercial Vehicles
- Wheeled Equipment
- Watercraft
- Recreational Vehicles
- Motor Homes
