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Collateral Protection Insurance

PostPosted: Fri Aug 15, 2014 7:18 pm
by brycemassey.7932
I have a BHPH dealership and am about to venture out into selling some higher priced vehicles. Does anyone on here have any experience with using collateral protection insurance or what I believe they call single coverage insurance? I am wanting to protect my collateral if the customer lets their full coverage insurance lapse. Thank you in advance for any information.

Re: Collateral Protection Insurance

PostPosted: Tue Aug 19, 2014 7:26 pm
by autostarfinancial.7399
I have had a lot of success with van Wagenen Financial Services

When I receive a cancellation notice etc for a customer, I immediately order a collateral protection policy. The order form for each policy is quick, easy and submitted by email. Van Wagenen then sends a letter to the customer (addressed as if it were from my company) to request the customer's proof of insurance. The customer is given about 2 weeks to prove insurance before we (and then subsequently the customer) are charged for the policy but the policy is effective from the order date. It's a great and although I haven't had any claims with the company yet, I have had nothing but great service from them so far.