Coverages:
Miniter-CPI offers the “limited dual interest” feature of traditional creditor placed programs.
The lender and their borrowers are provided with insurance coverage to protect collateral from
loss due to physical damage or vehicle theft.
- If the borrower damages the collateral during the policy period, the borrower is eligible to file a claim to cover the damage.
- In the event of repossession, the lender is also protected against physical damage which occurred prior to repossession.
- Flexible deductibles between $100 and $2,500 can be used to reduce the policy rates.
- Collateral Types: Automobiles, Light Trucks, Motorcycles
Policy Term:
Continuous until cancelled
Policy Rates:
Our master policy rate is underwritten for each lender.
The master policy rate is determined using lender portfolio characteristics,
collateral types insured, previous loss history, and deductible option chosen.
The premium charged to the borrower is this rate multiplied by the current outstanding
loan balance at time of placement.
Deductible:
Various deductible options are available ranging from $100 to $2,500.
Settlement Options :
The normal settlement options for a borrower claim are the lesser of the:
1. Cost to repair the collateral
2. Actual cash value (ACV) of the property less net salvage value
3. The outstanding net balance of the loan not more than 90 days past due.
Borrower Coverage:
The borrower is protected from physical damage or theft while the insurance is in force.
Premium Refunds :
Premium refunds are pro rata. Policy billing will only occur when there are lapses in borrower insurance coverage.
