If you owe less than your vehicle is worth, chances are you worked hard to save up for a down payment or you took great care of a trade-in and made a good deal.
When a car is stolen or damaged beyond repair, though, your insurance only pays out the current value, and you lose out on all the positive equity. That was before. Now, you have Depreciation Protection (DPW) to keep you from losing out.
redefining investment
A car isn’t the type of investment where you would expect to see a return beyond safe travels, but we’re flipping the game with Depreciation Protection Waiver (DPW).
features you can appreciate
open enrollment
60-day trial period
based on MSrp value
deductible reimbursement
add savings to your strategy
meet dpw: depreciation protection waiver
DPW is an investment in yourself to ensure that the financial strategy you’ve put into paying down your vehicle loan pays off.
dpw coverage benefits
dpw claims process
Going through a total loss event is enough to make anyone's head spin. Let's break down the claims process to make it less overwhelming.
1.
submit your claim to your insurance provider.
Your insurance provider will assess your claim to determine whether the vehicle is considered a total loss due to damage or unrecovered theft.
2.
confirm total loss status through your insurance.
After deeming your vehicle a total loss, your insurance will review the market value and provide you with a document declaring the loss + payout funds in the form of a check payable to SunWest as your lienholder.
3.
loan payoff + deposit of remaining insurance payout.
Once we receive the check from your insurance payout, we’ll apply the funds directly to your loan payoff and deposit any remaining funds to your savings or checking account at SunWest.
4.
report your dpw claim to sunWest credit union.
We’ll review your contract and process the claim to get your funds to you ASAP.
keep your money yours
Losing your car in an accident or from theft doesn’t have to be like hitting reset on all the progress you’ve made toward paying your loan down and gaining equity. Depreciation Protection Waiver means your investment is safe.
more protections to keep you covered
avoid the gap of negative equity
Your insurance will pay out up to the current value of your vehicle. Since vehicles depreciate quickly in value, this is often not enough to cover the full amount of your payoff. Guaranteed Asset Protection covers the difference, so you aren’t out buckets of cash.
don’t let a break cause a breakdown
Manufacturer warranties only extend so far and cost an arm and a leg. Keep your body parts attached, and get comprehensive Mechanical Breakdown Protection (MBP) for less than the dealer warranty.
compare insurance for the best rate
Financed vehicles have specific insurance requirements, such as full coverage. Have a TruStage representative review the requirements necessary to avoid any loan penalties, as well as to compare rates for the best deal.
DPW FAQ
What’s the difference between GAP + DPW?
GAP pays for the difference of what your insurance pays out and how much you still owe on your loan. Whereas, DPW pays you the difference of what you owe and the MSRP value of your vehicle (up to $10k).
GAP makes sure you don’t owe money. DPW makes sure you’re owed money.
Do I have to pay anything back from the claim if my stolen vehicle is recovered?
Your insurance will set a waiting period (typically 30 days) before paying out your claim, but once that claim is paid, you are no longer the owner of the vehicle, your insurance is. If it is recovered, notify your insurance immediately, and they will take it from there.
What are the limits and exclusions for DPW?
DPW covers a maximum benefit amount of $10,000, not to exceed the current loan balance. Vehicles worth over $100k are not eligible. Eligibility extends to cars - recreational vehicle not eligible for DPW.
When can I add DPW to my loan?
DPW can be added at any time during your loan, however, it is best to add it at the time of loan closing as this will ensure the highest value is locked in. Vehicles depreciate quickly, and adding this later, means a lower value.
Can I cancel DPW and get a refund?
You can cancel your DPW within 60 days for a full refund.
How long does DPW insurance last?
DPW is insurance specific to your loan, which means that it will last as long as your loan term. DPW does not transfer from one loan to the next, so if you’ve previously purchased DPW, this coverage will not transfer when refinancing, and you would need to purchase a new policy.
1. Max amount.
2. Not to exceed current balance.
*Auto Deductible Reimbursement can be used twice a year, for the first 2 years of your loan. ADR coverage extends to other vehicles owned and insured by the primary borrower listed on the GAP contract.