FAQs
Frequently asked questions
What is a GAP Waiver and how does it differ from VRI coverage?
A GAP Waiver covers the outstanding loan amount you owe on your total loss vehicle. However, it does not account for vehicle depreciation or inflation costs of new vehicles when your car is deemed a total loss* by your auto insurance company. Vehicle Replacement Insurance (VRI) covers the difference between the insurance payout for a total loss and the cost of a brand new equivalent vehicle, addressing both depreciation and inflation.
How does VRI coverage benefit me if I already have a GAP Waiver?
While a GAP Waiver covers the balance of your loan, VRI provides broader protection by covering the cost to replace your vehicle with a new one of the same or similar make and model. This is especially beneficial in situations where vehicle prices have increased or your vehicle has depreciated significantly.
What additional benefits does VRI offer regarding auto insurance deductibles?
VRI offers an optional benefit that covers the deductible of your auto insurance in case of partial or total loss*. We cover up to $1,000 per claim, with coverage for one deductible per year of your VRI policy available for partial losses.
How can I pay for my VRI premium?
You can pay the premium monthly. The monthly rate is fixed for the duration of your policy, ensuring your payments do not increase during the term.
How do I report a claim under my VRI policy?
To report a claim, simply call our claims team at 1-800-206-1319. Our team is happy to help.
Can I transfer my VRI policy if I sell my vehicle?
No, VRI policies are not transferable if you sell your vehicle.
Can I increase or decrease my policy coverage?
Changes to your coverage are not permitted after the first 30 calendar days of the policy.
What happens to my VRI policy if I modify my vehicle?
Vehicle modifications can impact your VRI coverage. It is crucial to inform us of any significant changes to ensure your policy remains in effect and accurately reflects your vehicle’s condition.
Is there a waiting period for VRI coverage to start?
No, there is no waiting period. Your coverage begins the next day after purchase.
What types of coverage terms are available for new and used vehicles under a VRI policy?
We provide coverage exclusively for brand new vehicles, offering flexible coverage terms of 2, 3, 4, or 5 years to suit your needs.
Does VRI cover a commercial use vehicle?
No, we do not cover vehicles used for commercial or business use (full or part time), rental, taxi, livery, delivery, or ride share services; municipal, volunteer, or professional emergency services, fleet or pool services.
Can I cancel my VRI policy at anytime?
Yes, you may cancel your VRI policy for a full refund within 30 days from the effective date of your policy if no claims are filed against the policy. In addition, you may cancel the policy for a partial refund after the 30 day period if no claims are filed against the policy. Please read the sample Terms and Conditions for all applicable details about cancellation.