Vehicle Loss Privilege Program
March 27 2018, Crosby Volkswagen
Volkswagen Protection Plus Vehicle Loss Privilege Program (VLPP) assists you with the purchase of a replacement vehicle in the event of a vehicle loss. In the event of a partial or full vehicle loss, VLPP provides an in-store loyalty credit that can be redeemed at your selling dealer. Whether you finance, lease, or pay cash for your vehicle, with VLPP, getting back into a replacement vehicle just got easier.
VLPP has different coverage plans available to protect against three different scenarios:
Negative Equity Privilege
Did you know over 39% of traded vehicles have negative equity, meaning what you owe on your vehicle is more than what the vehicle is now worth? It can take up many years into a finance contract before a loan does not carry negative equity. In addition, your insurer may only pay the fair market value of your vehicle.
If you experience a total loss (any instance where your vehicle has been declared a permanent loss by your insurer resulting from such things as collision, fire or theft) and you have negative equity (when you owe more on your vehicle loan than what the vehicle is worth) your insurer may only pay the fair market value of your vehicle. How will you get a replacement vehicle?
With Negative Equity Privilege, you’re eligible for an in-store loyalty credit towards a replacement vehicle in an amount equal to the difference between your insurer payout and the remaining loan balance.
Total Loss Event Privilege
If you experience a total loss (any instance where your vehicle has been declared a permanent loss by your insurer resulting from such things as collision, fire or theft) and your insurer only pays the fair market value of your vehicle, you could face significant costs to get a replacement vehicle.
With Total Loss Event Privilege, the event of a total loss you’re eligible for a fixed in-store loyalty credit towards a replacement vehicle. Loyalty credits are available from $5,000-$10,000, depending on the coverage you select.
Partial Loss Event Privilege
If you have an accident and your vehicle is repaired through insurance, the damage record will appear on your vehicle’s history report. Depending on the amount of the damage, this declaration could affect the resale value of your vehicle.
In the event of a damage declaration on your vehicle’s history report, the Partial Loss Event Privilege will provide an in-store loyalty credit at the time you purchase or lease a new vehicle. The loyalty credit can range from $2,500-$5,000 depending on the coverage you select.