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1.- LIABILITY INSURANCCE / COVERAGE
1.- LIABILITY INSURANCCE / COVERAGE
Is a type of automobile insurance that is required by law in most states. If the insured causes an accident, liability coverage helps pay for the other person's expenses.
Is a type of automobile insurance that is required by law in most states. If the insured causes an accident, liability coverage helps pay for the other person's expenses.
Is state required
Proof required prior to leaving car dealership at time of purchase
Covers bodily injury / property damage for third parties
Used to protect others and other’s property
Used to renew license plates
Used to prove coverage to law enforcement and or court
Does NOT provide any protection for financed vehicle since it does NOT carry PHYSICAL DAMAGE COVERAGE
2.- PHYSICAL DAMAGE COVERAGE
2.- PHYSICAL DAMAGE COVERAGE
Is a general term used to describe a group of insurance coverages that protect the vehicle being financed. This general term includes COLLISION INSURANCE as well as COMPREHENSIVE INSURANCE .
Is a general term used to describe a group of insurance coverages that protect the vehicle being financed. This general term includes COLLISION INSURANCE as well as COMPREHENSIVE INSURANCE .
COLLISION COVERAGE:
Pays for the damages to insured vehicle due to vehicle overturning or colliding with another vehicle or object.
May extend to a non-owned vehicle or one rented for personal use that is in your custody or that you are operating.
COMPREHENSIVE COVERAGE:
Pays for losses resulting from incidents other than collision, for example:
If vehicle is stolen
Vandalism
Damage by flood or hail
Damage by fire
Damage by an animal
3.- LENDER REQUIREMENTS
3.- LENDER REQUIREMENTS
VEHICLE MUST BE LISTED ACCURATELY (YEAR / MAKE / MODEL / FULL VIN) UNTIL LOAN CONTRACT IS FULLY SATISFIED.
DEDUCTIBLES HAVE TO BE MET
A deductible is the money that the customer will pay out of pocket toward an accident or a claim before the insurance company will cover the rest of the claim amount. For example, if the claim amount is $2000 to repair the vehicle, the customer will pay the deductible amount listed on the policy. In most cases, this amount can be anywhere between $500 to $2000. If the customer has $500 deductibles, he will pay that amount towards the repair; and the insurance company will pay the remaining $1500.
FINANCE COMPANY LISTED AS LIENHOLDER OR LOSSPAYEE
When a customer files a claim, any money left to be payed after the vehicle becomes a total loss will go directly to the lender per the loan contract still being active.
4.- COLLATERAL PROTECTION INSURANCE (CPI)
4.- COLLATERAL PROTECTION INSURANCE (CPI)
Is a type of automobile insurance coverage that is force placed by the finance company in the event the customer fails to provide proof of adequate physical damage insurance that meets ALL requirements stipulated in the loan agreement or contract. Berkshire Risk Services provides Collateral Protection Insurance to collaterals (vehicles) that do not have “outside” physical damage insurance.
Is a type of automobile insurance coverage that is force placed by the finance company in the event the customer fails to provide proof of adequate physical damage insurance that meets ALL requirements stipulated in the loan agreement or contract. Berkshire Risk Services provides Collateral Protection Insurance to collaterals (vehicles) that do not have “outside” physical damage insurance.
Pays for the damages to insured vehicle due to vehicle overturning or colliding with another vehicle or object.
Pays for losses resulting from incidents other than collision, for example:
If vehicle is stolen
Damage by flood or hail
Damage by fire
Damage by an animal
Does NOT provide Liability Coverage.
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