COLLATERAL PROTECTION INSURANCE
We all know the cost of conventional full coverage insurance can be overwhelming for some customers. Collateral Protection Insurance (CPI) is an affordable alternative and an effective tool for any automobile lender. Your collateral is mobile, and as a result at risk of damage or loss. When your customer is unable to maintain the proper amount of insurance coverage or unable to afford down payments then you are left with a potential large and unnecessary loss. CPI provides you the opportunity to stop working for the large conventional insurance companies and puts you in control. CPI is a tool that allows you to minimize or mitigate the risk to your asset and pass on a more affordable payment method to benefit you and your customer.
Key Benefits of Collateral Protection Insurance:
- Reduce loss rates
- No upfront costs
- Lender earns the underwriting profit through premiums collected and ceded to your reinsurance company
- Quick and painless claims process
- CPI premium is collected at the same frequency as the auto loan payment
Using CPI
Can your customer obtain or afford the proper conventional insurance coverage? And will they be able to maintain the coverage for the life of the contract? From the point of sale it is imperative the customer maintains the proper amount of physical damage insurance on your asset. CPI is the smart, easy, and affordable choice to make sure your collateral is covered in the event of a potential loss. Your customer will benefit from the ease of CPI. We are also able to assist with insurance tracking.
CapRock provides the support of an experienced staff to assist in the successful launch of your CPI program. Our support includes proper reporting, recommendations for ways to improve your program and proven collection strategies from professionals that have been engaged in these programs for many years. At CapRock we have a diverse client base, ranging from sales over 1200 cars a month to 40 cars a month. Let us show your team the CapRock difference.
Contact the team at CapRock today!