Auto City's Retail Installment contract requires continuous comprehensive insurance.
There are TWO (2) OPTIONS to satisfy this requirement:
A. CUSTOMER PROVIDED INSURANCE
You may obtain this required insurance from any licensed insurance agent and/or authorized insurance company of your choice with the following requirements:
- A maximum deductible of $500
- Policy must name CONCORDE AUTO ACCEPTANCE as loss payee, 908 S. Buckner Blvd, Dallas, TX 75217
- Policy must be a "STANDARD POLICY," with no excluded drivers.
- Both Buyer and Co-buyer must be listed as drivers
- This insurance must be in force during the entire term of your loan agreement.
B. DEALER PROVIDED INSURANCE (CPI)
(DOES NOT INCLUDE LIABILITY INSURANCE)
If you do not provide evidence of required insurance, we may insure our interest in the financed auto under our Collateral Protection Insurance (CPI) policy. The cost of this coverage will be charged to your account.
BENEFITS OF DEALER PROVIDED INSURANCE:
• No Down payment
• Low Premiums
• $500 Deductible
• All Drivers Included
• No DMV Check
• No License Required
• Immediate Coverage
CURRENT COST OF CPI (DOES NOT INCLUDE LIABILITY AND IS SUBJECT TO CHANGE)
• Bi-Weekly Payment: $50.00
• Semi-monthly: $54.16
• Monthly Payment: $108.33
NOTE: This policy does NOT satisfy state financial responsibility laws. You MUST still purchase liability insurance from someone other than Auto City.
Other important terms and conditions of the CPI policy include the following:
1. We are the Insured. Our CPI policy provides single interest coverage and does not directly protect your interest in the same way as your own insurance would. Claim payments made under our CPI policy will be made to us and will be credited to your loan obligation or used to repair the financed auto, at our discretion. In the event of a covered loss, our CPI policy will pay the lesser of (1) the cost to repair or replace the financed auto, (2) the actual cash value of the financed auto, or (3) the outstanding loan balance at the time of loss. Also, a deductible (as shown below) applies to each loss. The financed auto is described below.
2. The premium that will be charged to your account may be more expensive than physical damage insurance purchased by you, and our CPI policy coverage may expire before your loan agreement is paid off.
3. Licensed insurance agents may receive compensation from part of the premium charged to your loan agreement for our CPI policy coverage.
4. If at any time you provide us with evidence of required insurance obtained by you, we will cancel our CPI coverage. The unearned portion of the premium, if any, will be credited to your loan obligation.
5. The CPI policy does not provide bodily injury or property damage liability insurance. You must obtain this coverage on your own.
6. If you do not provide evidence of physical damage insurance before taking possession of the financed auto, CPI coverage will be placed (14) days after the date of your loan agreement and will be retroactive to the date of the loan agreement. However, if you provide evidence that you have obtained the required insurance on your own at any time during the first fourteen (14) days of the loan agreement, you will not be charged.