What is Depreciation Protection?
DPW covers the depreciation of the vehicle. It is a debt cancellation product that in the event of a total loss provides a benefit equal to the difference between NADA Retail value of the vehicle at the time of coverage enrollment and the loan balance at the time of the total loss. The waiver benefit will not exceed the maximum benefit selected or the outstanding loan balance, whichever is less.
Depreciation Protection is ideal for those who:
- Finance 90% or less and desire protection and peace of mind
- Established equity in their vehicles with a down payment, rebate and/or trade in value
- Coverage can be purchased at anytime
- 60 day free look period
- No mileage or year restrictions
- Cancels up to $1,000 of loan balance in the event of Accidental Death