We're Car People
Meet the team behind the LossPay Diminished Value Insurance Revolution
The LossPay Story
The Brainchild of Insurance Industry Veterans –
and Supercar Enthusiasts.
LossPay is committed to improving the insurance industry and innovating Diminished Value Insurance.
Diminished Value Coverage is Personal to Us
Our story starts with a Lamborghini, a taxicab, and a red light.
Getting your dream car is a goal of any car enthusiast, and in 2018 one of our founder accomplished that goal, buying a Lamborghini Huracan Avio. He was over the moon and loved the car but, within 24 hours of purchase the car was rear ended by a distracted cab driver while sitting at a red light.
And that’s where the story begins. Conventional full-coverage insurance only covers the cost of repairing the damage to the car, but does not cover the loss of value that happens following the repairs. Subsequently, in less than 24 hours the car lost ten of thousands of dollars in resale value due to the accident.
It was at this point the concept of Diminished Value Insurance was born.
Assembling a Team
Over the next several years, a team of leading experts in their respective fields was assembled – moving LossPay from concept to fruition.
As Insurance industry veterans, operational, Technical, and claims team members all came onboard, LossPay took shape as a revolutionary new insurtech startup in an industry known for being set in its ways.
Our Team firmly believes that the value of your property matters, and that the loss in value should be protected in case of accident, the same way that all other damages are addressed.
We hope you share in our vision and allow us to serve you as your Diminished Value Insurance Provider.
The LossPay Commitment
Do you have an Exotic or
Luxury vehicle?
Coverage for Luxury Car Models
Coverage For Exotics And Supercars
FAQ
You've Got Questions - We've Got Answers!
Here are LossPay's most frequently-asked questions, for additional inquiries please reach out using one of the methods below:
833-LOSSPAY
info@losspay.com
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 cover in the interim.
Typically it takes approximately 30 days after vehicle repairs are completed to receive settlement payout.
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 vehicle's market value.
Guaranteed Asset Protection a.k.a GAP insurance protects the borrower of a car loan if the car 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.
“It wasn’t until after my car accident that I realized my car would not sell for as much as it would have if it had not been accident damaged…”