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Comprehensive Loan & Asset Protection

Safeguarding Your Investments

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Mechanical Breakdown Protection (MBP)

Mechanical Breakdown Protection (MBP) provides extended warranty coverage for your vehicle, offering protection against costly repairs and associated labor expenses due to mechanical and electrical failures. With MBP, you can drive confidently, knowing you're covered beyond your manufacturer's warranty.

  • Coverage for Vehicle Repairs
  • Rental Car Allowance
  • 24/7 Roadside Assistance & Towing
  • Hybrid Battery Coverage
  • $0 Deductible on Repairs
  • Total Loss Refund
  • Available for Both New and Used Vehicles

Protect your vehicle after your warranty expires and avoid unexpected repair costs. Call us at (850) 233-4400 to learn more about MBP.

Guaranteed Asset Protection (GAP)

Guaranteed Asset Protection (GAP) is optional coverage1 for your vehicle loan that safeguards you from negative equity in the event of a total loss. GAP covers the difference between your outstanding loan balance and the vehicle's actual cash value, ensuring you don't owe more than your insurance settlement.

GAP is a voluntary, non-insurance product designed to waive the remaining loan balance not covered by the borrower's primary insurance carrier settlement in the event of a total loss or unrecovered theft.2

The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to 125% of the loan-to-value (LTV). GAP may also cover up to $1,000 of your deductible if there is a "gap" after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. This product is not available in NY or AK.

GAP Coverage Example
ItemAmount
Your Vehicle Loan Balance$15,000
Your Insurance Company Settlement$10,000
Remaining Balance Without GAP$5,000
Total You Owe Without GAP$5,000
Total You Owe With GAP$0

GAP also covers up to $1,000 of your deductible if there is a gap after the primary insurance settlement.

Auto Advantage

Our GAP program includes Auto Advantage!
When you purchase GAP from Innovations, the primary borrower and co-borrower also receives Auto Advantage, which includes Auto Deductible Reimbursement (ADR) at no additional cost.

The covered borrower(s) may be reimbursed their deductible for any loss covered by the borrower's auto insurance policy for all their non-commercial passenger cars, trucks, or vans.

ADR Benefit Requirements are Simple

  • All vehicles are covered that are owned (title, registration, or loan documents) and insured by the primary borrower and co-borrower.
  • Only four-wheel, non-commercial passenger vehicles (cars, trucks, vans) are covered. ADR does not cover motorcycles, boats, and RVs.
  • A claim can be filed if the paid claim exceeds the borrower's deductible and has been approved and paid by the borrower's primary auto insurance. This includes comprehensive and collision claims and requires repairs to be made.

Depreciation Protection Waiver (DPW)

Depreciation Protection Waiver (DPW) provides protection on your vehicle equity and hedges against depreciation over the life of the loan. In the event of a total loss, DPW provides a waiver benefit equal to the difference between the vehicle value at the time of purchase, less the loan balance at the time of loss up to a maximum waiver benefit of $10,000, or the outstanding loan balance.

Benefits of Protection

  • Protection for collision
  • Life of loan protection
  • No mileage or year restrictions
  • Protection for theft and fire
  • 100% open enrollment
  • Protection for vehicle depreciation

Ideal for those who

  • Finance 80% loan-to-value (LTV) or less
  • Put money down
  • Trade-in a vehicle
  • Make accelerated loan payments
  • Need to protect equity
How It Works
Purchased at Dealership6 months1 year3 years
Price of Vehicle
(MSRP/Retail)
$30,000$30,000$30,000$30,000
Outstanding Loan Balance$28,500$26,681$24,469$15,282*
Depreciation Protection Waiver Benefit at Total Loss$1,500$3,319$5,531$10,000

Did you know our DPW program includes Auto Advantage?

When you purchase DPW from Innovations, the primary borrower also receives Auto Advantage, which includes Auto Deductible Reimbursement (ADR) at no additional cost.

The covered borrower may be reimbursed their deductible for any loss covered by the borrower's auto insurance policy for all their non-commercial passenger cars, trucks, or vans.

ADR Benefit Requirements are Simple

  • All vehicles are covered that are owned (title, registration, or loan documents) and insured by the primary borrower.
  • Only four-wheel, non-commercial passenger vehicles (cars, trucks, vans) are covered. ADR does not cover motorcycles, boats, and RVs.
  • A claim can be filed if the paid claim exceeds the borrower's deductible and has been approved and paid by the borrower's primary auto insurance. This includes comprehensive and collision claims and requires repairs to be made.

Credit Insurance

Credit insurance helps ease financial concerns if the unexpected happens, such as death or disability. It provides essential coverage to pay off or reduce your loan balance, ensuring your family remains financially secure.

Types of Credit Insurance

  • Credit Life Insurance
    Pays off the insured balance of your loan if you die.
  • Credit Disability Insurance
    Covers your loan payments if you become disabled due to illness or injury and cannot work.

How You Could Benefit

  • Protection
    Reduces financial burden on your family in the event of disability or death.
  • Convenience
    Easy to arrange at the time of loan application.

Learn more about how Credit Insurance can protect your family by calling us at (850) 233-4400.