What if your vehicle was declared a total loss after an accident or theft?
- You may owe more on your vehicle loan than the vehicle is worth
- If you carried over debt from a previous vehicle, you may be at higher risk to owe more than your vehicle is worth
- Your insurer will pay the current market value of your vehicle
How does Vehicle Investment Protection (VIP) assist?
- After a vehicle is declared a total loss, you can receive a credit that is the difference between your loan and the insurance payout (up to $50,000).
- This credit is then used toward the purchase of a replacement vehicle