LossPay Vehicle Coverage
At LossPay we specialize in innovative coverage options to protect your vehicle’s value.
The Importance of Peace of Mind Diminished value coverage
Driving can sometimes be unpredictable and stressful, but having the right insurance coverage can give you peace of mind and financial security. With LossPay, you can drive with confidence, knowing that the value of your vehicle will be covered.
DIMINISHED VALUE COVERAGE
Pays the policyholder a cash settlement for the estimated Loss of Value to their vehicle following accident repairs.
At LossPay, we specialize in protecting your vehicle’s true value even after an accident. Our diminished value coverage ensures that you receive compensation for the loss in market value that occurs.
ACCELERATED TOTAL LOSS
Vehicle Replacement Program
*Coming Soon*
An add-on policy that allows policyholders to replace their accident damaged vehicle for a non-damaged vehicle even when their vehicle isn’t deemed a totaled loss by the primary insurer.
Why Choose LossPay Coverage
Financial Protection Against Diminished Value Losses
After an accident, your vehicle’s value often drops, even if it’s repaired to its original condition. Traditional auto insurance typically covers repair costs but not the loss in market value. Adding LossPay ensures:
Compensation for Market Value Loss: LossPay covers the difference between your vehicle’s pre-accident and post-repair market value, protecting you from financial loss.
Diminished Value Coverage Beyond Repairs
While standard auto insurance focuses on repair costs, LossPay goes a step further by addressing the hidden financial impacts of an accident:
Beyond Standard Repairs: Traditional policies often fail to cover the financial hit from diminished value. LossPay fills this gap, providing a complete solution.
Holistic Financial Recovery: Ensures you recover not just from the physical damage but also from the financial depreciation of your vehicle.
Peace of Mind and Financial Security
With LossPay, you gain an extra layer of security that standard auto insurance might not offer:
Reduced Financial Stress: Knowing that diminished value is covered can alleviate concerns about financial losses after an accident.
Do you have an Exotic or
Luxury vehicle?
Coverage for Luxury Car Models
Coverage for Exotics and Supercars
Diminished Value Claims Processing
Navigating diminished value claims can be complex and time-consuming. At LossPay, we streamline the process for you with:
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
We require all policyholders maintain a primary Comprehensive Full-Coverage car insurance policy 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
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 cover 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)
