Auto Lease & Loan Insurance Monitoring
Auto lenders live with risk. Accidents are common, skips happen and borrowers and leasees reduce or eliminate their insurance coverage. van Wagenen tracks auto insurance better than anyone. Advanced technology enables us to manage millions of letters, faxes and electronic messages containing time-sensitive, critical information. Our people are among the industry’s best insurance documentation experts, and our service to you and your customers is unparalleled.
Because your loan portfolio is in a state of constant flux, we’ve built solutions to control what many find chaotic. van Wagenen continually monitors vehicle insurance, handles complex insurance documentation and manages millions of letters, faxes and electronic messages. We establish an oversight presence to ensure that borrowers have and keep your collateral insured.
van Wagenen’s tracking and administrative experts will help reduce your risk exposure without increasing your staff. This is accomplished by managing the following loan insurance monitoring functions:
- Monitors the status of insurance coverage on vehicles in your portfolio.
- Verifies that coverage meets the requirements of the lease/loan agreement.
- Keeps you apprised of the collateral’s physical damage coverage.
- Makes certain that you are identified properly on the policy.
- Manages incoming and outgoing communications for you.
- Works with agents and borrowers to remedy any deficiencies in coverage.
The benefits of loan collateral insurance tracking with van Wagenen include:
- Increases borrower compliance with lease and loan agreement requirements to maintain insurance.
- Reduces uninsured damage on repossessed/lease-end collateral as well as total losses.
- Better borrower experience when deficiencies are identified.
van Wagenen monitors and reports the insurance status of every vehicle in your portfolio. When lessees/borrowers reduce or eliminate insurance protection, we urge them to remedy the deficiency. If inadequate coverage persists, we alert you.