We Are The Administrator For LLoyd’s Of London That Means You Are Dealing Direct!
Our coverage protects your installment loan portfolio. With our loss protection coverage, our insured can sleep soundly. Here is how Vendors Single Interest (VSI) insurance works:
We set you up with your own insurance company where you could force place the insurance (similar to CPI above) or we can set it up where the customer pays you $79.00 a month. That premium money goes into your insurance company and when there is a claim, those dollars pay for the claims. This is not the best way to go. It goes off the table because the risk is to great. Over 90% of the subprime customers drop the primary insurance. Why in the world would a dealer or finance company want to take on this risk when there is another way. Why? Because they are not aware that there is a better way.
Physical Damage Monthly (Also known as CPI): This physical damage product can be used to enroll borrowers for monthly coverage as long as you need it and you can stop the coverage when the vehicle is repossessed. This premium can be added to the customer’s payment. When I explain this to a seasoned dealer or finance company, the dealers or finance companies tell me “If i’m going to get another $79.00 in a payment, I’m going to get it for my dealership/finance company, not some insurance company.”
Loss Protection. VSI coverage protects your installment loan portfolio. With VSI loan protection coverage, you can sleep soundly. Here is how VSI (Vendors Single Interest insurance) works :
- All Risk Physical Damage, you find that a vehicle has been damaged, VSI will pay you for repairs to the vehicle. If the vehicle is found to be totaled, VSI will pay you the actual cash value of the vehicle or for the amount owed whichever is less.
- Theft, if a borrower’s vehicle is stolen and not recovered, VSI will pay you for the actual cash value of the vehicle or for the amount owed, whichever is less.
- Non-filing coverage ensures that if a lien is not recorded on the vehicle. You are covered if the customer defaults and you cannot repossess the vehicle. VSI will pay you for the actual cash value of the vehicle or for the amount owed, whichever is less.
- Repossession Coverage, as soon as you hook onto that vehicle we will cover you for 30 days if that vehicle is damaged. Example: Let’s say that repossessed vehicle gets damaged on the lot within that 30day period after repossession. We will write you a check for the damage.
Single Interest Insurance, Inc. is the number one specialist for sub-prime VSI. We are the administrator for Lloyds of London for the last 27 years. Dealing with us means you’re dealing direct.
We Cover the Following:
All Risk Physical Damage
VSI(Vendors Single Interest Insurance). When the customer drops their physical damage insurance and wrecks, as a dealer you would receive a check for damage. But, even more importantly, if the customers drops their primary insurance and is still making their car payment, having VSI loan protection(Vendors Single Interest Insurance) you do not have to repo that vehicle for you are protected when the customer wrecks. When you have VSI you keep receiving the car payments, and let’s say your average payout is $8,000.00, you would receive the $8,000.00 the majority of the time.
Upon the time the borrower’s vehicle is stolen and not recovered, we will pay you the actual cash value of the vehicle or the amount owed. (whichever is less)
Non-filing covers you if the lien fails to be recorded on the title, customer defaults and you can’t repossess the vehicle. We will pay you the actual cash value of the vehicle or the amount owed whichever is less.
We cover the vehicle 30 days after repossession if it get damaged in any way.
This is just an outline of coverage. You will receive a policy for total explanation of coverage.