LossPay Frequently Asked Questions
We strive to provide our policyholders with exceptional customer support. If your question isn’t answered here, please reach out to one of support agents, so we can get you the answers you’re looking for!
FAQ Categories
Accident FAQ
Yes! It is a mandatory requirement, in certain states, that law enforcement be called to the scene of any accident involving a LossPay covered vehicle. Under certain circumstances we may also require a policyholder to submit a copy of the police report in order to settle a claim.
*Please review the terms of your policy to verify if this rule is enforced in your state.
Note: Failure to call law enforcement to an accident scene when required, can result in a termination of policy and/or denial of claim.
Yes. Policyholders have a 21-day (calendar days) grace period to report an accident to LossPay, Inc. If a policyholder is unable to file accident report due to medical injuries or extended hospital stay, supporting documents may be required to settle a claim. Please see Accident Reporting procedures for more information.
If your vehicle is involved in an accident and deemed a total loss (written-off) by the primary insurer your options are:
- Your policy is placed “on hold*” as of the write-off date and you will be allowed a 12-month grace period to replace your vehicle and transfer your policy to another vehicle, or
- You can request a refund for the remaining unused portion of your premium, if you paid in advance.
*Depending on the value of the new vehicle your policy premiums may decrease or increase. If there is a decrease, you may be subject to a refund. If there is an increase you will need to make an additional payment.
Coverage & Claims FAQ
We require all LossPay policyholders to have and maintain a primary auto insurance policy that includes Comprehensive, Collision and Liability coverage to ensure the covered vehicle will be repaired in a timely manner so we can determine the most accurate loss in value. This will ultimately allow us to settle claims faster and accurately.
Note: Failure to maintain this insurance will result in LossPay policy termination and/or denial of claims.
Coverage is currently only available for vehicles that are valued at $50,000 or higher.
In most cases you can enroll in a couple of minutes by answering a few straightforward questions. We may need to request additional information to fully confirm coverage and issue you with your final policy documents and declarations page, but this should take only a few days. We will provide you with a temporary binder as evidence of coverage in the interim.
We strive to issue coverage to all individuals with vehicles that meet our enrollment requirements. However, there are some restrictions in place. These include (but are not limited to):
- Vehicles other than standard road vehicles with four wheels
- Vehicles used for commercial purposes
- Drivers aged under 30
- Drivers with unacceptable driving history (e.g. serious violations, multiple accidents)
Typically it takes approximately 30 days after vehicle repairs are completed to receive settlement payout.
We aim to settle all valid claims as promptly as possible. Our coverage is restricted to protecting diminished value, i.e. the loss of resale value to the vehicle after it is repaired following an accident. Claims for other types of loss are not covered.
To ensure the validity of your claim:
- The police must be called to the scene of the accident and you must obtain a police report. (In states where applicable)
- Claims must be notified within 21 calendar days of the accident.
Other exclusions apply – for example, if the diminished value is caused by criminal, fraudulent or dishonest acts. Details can be found in your policy documentation.
All “Claim Denial” letters are mailed to the policyholder’s home address and an accompanying email is sent to their email address giving a detailed explanation.
Policy FAQ
In most cases you can enroll in a couple of minutes by answering a few straightforward questions. We may need to request additional information to fully confirm coverage and issue you with your final policy documents, but this should take only a few days. We will provide you with a temporary binder as evidence of cover in the interim. There are no other fees associated with your premium other than applicable federal, state and local taxes.
In some cases, such as vehicles with some pre-existing damage, we may require a vehicle inspection. The cost of this vehicle inspection is included in the premium. However, if you decide NOT to enroll in our program AFTER your vehicle has been inspected by our ASE Certified Vehicle Inspection services, you will be charged a one-time $50.00 charge for the cost of the inspection.
We have no specific maximum price limit for vehicles to qualify for enrollment. Coverage isn’t solely based on vehicle value. Furthermore, we have a maximum payout of $100,000 regardless of the vehicles market value.
You can transfer your policy to another vehicle during the coverage period. Depending on the value of the vehicle your policy premiums may decrease or increase. If there is a decrease you may be subject to a refund. If there is an increase you will need to make an additional payment.
Contact customer support at 1-833-LOSSPAY or log-in to your LossPay account.
We will issue a renewal quote at least 45 days before the expiry date of a policy. If we are unable to renew your policy, we will send a notice of non-renewal at least 45 days before the expiry date, including an explanation of the reason.
We will issue a renewal notice at least 45 days before the expiry date of a policy. If we are unable to renew your policy, we will send a notice of non-renewal at least 45 days before the expiry date, including an explanation of the reason.
Additional Frequently Asked Questions
Currently, we accept Visa, Mastercard, Discover, American Express credit cards and Bank Wires.
Guaranteed Asset Protection (a.k.a GAP insurance) protects the borrower of an auto loan if the vehicle is totaled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the loan.
This is different from Diminished Value coverage as we only cover the loss of resale value of an accident vehicle following repairs.
