VRP is purchased at the point of sale by new and pre-owned car and truck buyers.


VRP will guarantee to the customer that if his or her vehicle is totaled by collision, theft or by other means included in our comprehensive coverage, within three years of the date of purchase or lease, as determined by the customer’s auto insurance company, the customer will receive a benefit to replace the lost vehicle with the same make, model, equipment and age as the totaled vehicle at the time the customer purchased VRP, within the limits of coverage selected by the consumer.


Consumer determines the limits of the coverage purchased ($10,000, $15,000 or $25,000) just as with his existing auto coverage.


VRP FOR NEW VEHICLES:
For a valid new car claim, VRP pays a benefit based on the difference between the fair market value payment from a customer’s auto insurance company and the MSRP (less factory rebates) of a current year new vehicle of the same make, model and trim level as was the original vehicle at the inception of the loan/lease within the limits of the coverage purchased.

EXAMPLE: A new 2007 model, totaled in two years (2009) would be replaced by a new 2009 model.


VRP® FOR USED VEHICLES:
For a valid used car claim, VRP pays a benefit based on the difference between the fair market value payment from a customer’s auto insurance company and the NADA retail value (adjusted for mileage) of a vehicle of the same make and age with comparable mileage and equipment, as was the original vehicle at the inception of the loan/lease within the limits of the coverage purchased.

EXAMPLE: A used 2004 model purchased in 2007 with 24,000 miles and totaled in three years (2009), would be replaced by a used 2006 model with 24,000 miles.


The VRP Benefit, along with the proceeds from the customer’s insurance company, will provide replacement for the vehicle destroyed. The customer is responsible only for the applicable insurance deductible, sales tax, tags and dealer documentary fee on any replacement vehicle, plus the $500 VRP co-pay.


At loan/lease termination, the customer will own a newer vehicle than the one originally acquired.