Good News for Safeco Customers

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Good News for Safeco Customers

Auto Loan/Lease Coverage

Unfortunately life happens and people have auto crashes. That’s why you carry insurance. Well, what happens when you crash the brand new car on which you just took out a loan? The majority of people buying new vehicles are financing them through loans and leases. Your auto policy will get you driving again, but you may be stuck paying for the rest of your loan.

Safeco is now offering auto loan/lease coverage that will cover any unpaid amount on the loan or lease minus the cash value of your car.

A few things to consider regarding this coverage:

  • Some insurance policies automatically include this coverage. If not, the auto loan/lease coverage can be added as a separate endorsement for any customer.
  • The vehicle must have both comprehensive and collision coverage and declared a total loss for the coverage to apply.
  • The coverage does not apply to overdue payments, secure deposits, penalty charges, or carryover balances from other loans or leases.

Save yourself the hassle of worrying about your unpaid loan amount, especially if the loan is higher than the actual cash value of your vehicle. You can save a substantial amount of money by simply asking your agent if your auto policy includes this option.