Vendor Single Interest Insurance
Aimbridge® Financial Services has partnered with American Modern Insurance to offer VSI. When a financial institution makes a loan on an automobile, VSI protects the lender’s interest against physical damage or loss events when the borrower’s primary insurance has lapsed.
Features:
All Risk Physical Damage Installment Loan Insurance
Upon repossession, insurance will cover the cost to repair damage to a vehicle. If the vehicle is totaled, the coverage will be for the cash value or amount owed
Instrument Non-Filing
Protects the lender if the lien fails to be recorded on the title, customer defaults and credit union cannot repossess
Confiscation and Skip Insurance
Protects the lender when the borrower or property cannot be located or otherwise recovered after confiscation by a public officer or public office
Repossessed Vehicles Insurance
Protects the lender for up to 90 days against damage to repossessed vehicles after the credit union has taken possession
