No upfront costs- Lender earns the underwriting profit through reinsurance
- Quick and painless claims process
- CPI premium is collected at the same frequency as the auto loan payment
Collateral Protection Insurance (CPI)
If you are a BHPH dealer, you understand that keeping your customer’s vehicle insured is a constant struggle. It starts at the time of sale, with expensive premium quotes and high down payment requirements. After that, the cycle starts: Dropped insurance…pursue customer to reinstate coverage… coverage acquired…dropped insurance, again and again. That’s where collateral protection insurance (CPI) can solve these issues and get your customer reliable insurance coverage while increasing your profitability.
CPI is a commercial insurance product between a lender and collateral protection insurance company. Lenders buy to protect their assets in the event of a physical damage loss to what would otherwise be an uninsured vehicle. When a customer fails to provide adequate physical insurance on the car, the lender has the right to place the asset on CPI. The cost of CPI can be passed onto and collected from your customers.
Request a Call Back
Let's Talk! Please leave us with your name and email and we'll get in touch with you as soon as possible.
