The
Arch Insurance Company and Lee & Mason (National
Administrator) have teamed up with the Number One Insurance Agency, Inc.
to make the business of writing GAP insurance easy for you!
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| Income
Opportunity for Agents! |
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Until now car dealerships have
traditionally sold gap insurance to your clients for $500 to $600.
This new program gives you the opportunity to sell GAP insurance
to your clients. With the popularity of “NO MONEY DOWN” offers
from car dealerships, your clients need GAP insurance.
BENEFITS
of the Program:
- Arch
Insurance Company provides superior security (Rated
A "Excellent" by A.M. Best)
- One
online application to complete. No servicing of policy required.
Policy mailed directly to the client by Arch Insurance.
- Cost
to your client: one time fee of $299 for the life of
their loan. Car dealerships typically charge $500 to $600
- Agent’s
Commission: $60
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- GAP available on new or used vehicles purchased or refinanced
within the past
12 months.
- Leased vehicles are NOT eligible.
- Motorcycles & Commercial vehicles are NOT eligible.
- Deductible covered up to $500.
- The maximum loan term is 84 months.
- The maximum APR is 12.5%
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Disclosure:
Maximum Limit of Loss: $50,000 NOTE: The claim
settlement may not cover the entire GAP due, when your loan's Original
Amount Financed exceeds 120% of MSRP (new vehicle) or NADA
Retail Value (used vehicles), plus 30% of Value allowable for Additional
Financed Items like Credit Life or Service Contracts. The claim settlement
does not cover late charges or other penalties due to your lender.
Your loan amount financed must be less than or equal to $100,000. Your
loan term must not be greater than 84 months. GAP is not available
on an auto lease or a balloon loan with a balloon payment due at end
of lease. The maximum APR is 12.5%. |
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Simple
Enrollment is as easy as 1, 2, 3!
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1. |
You
will first need to complete an application to do business with us. You will need to enter the following promo code: massagent (all lower case letters) during the process. Click on the following
link and follow instructions to register to sign up: www.gapinsuranceagents.com.
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2. |
Lee & Mason (National Administrator) will review your application and
within 48 hours, email
you a user name and password for easy online GAP insurance submissions. |
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3. |
Once
you receive your user name and password from Lee and Mason, you’re
ready to start selling GAP insurance.
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AFTER
your agency enrolls...here are 3 easy ways to write GAP!
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1.
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Agency Bill Option: Visit www.gapinsuranceagents.com
- Enter your agency’s User name & Password
- Complete the application for your insured
- Collect the $299 from your insured
- Lee & Mason will invoice your agency monthly for the net amount
of $239
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2.
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Direct Bill Option: Visit www.gapinsurancequotes.com
- Enter
your agency’s Affiliate Code
- Complete the online Application on the insured’s behalf
- Enter your insured’s Credit Card Information as payment
- This policy will automatically be assigned to your agency
- The $60 Commission will be paid monthly
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3.
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Direct
Bill Option:
Have your insured
visit www.gapinsurancequotes.com
- Your
insured can
enter the agency’s Affiliate
Code
- Your insured can Complete the application
- Your insured can
Pay by credit card and
- Your agency will
receive the commission
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| GAP
Marketing Material... |
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1.
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Lee & Mason
will supply your agency with any number of these *Flyers* for
Free.
Flyers are personalized to include your agency’s Affiliate Code.
Every time an application is submitted under this Affiliate Code - your
agency receives a $60 commission.
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2.
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GAP
Highlights - all on one page to print out at your office! Make it available
to your staff for easy reference...give it to your customers for their review
and consideration. |
What
is GAP Insurance?
Do your clients
need GAP Insurance?...
Did you know when your clients drive their new or used car
off the dealer's lot their car has most likely lost 20% of its value?
If they put less than a 20% down payment on their car, your client needs gap
insurance.
How does gap insurance work?...
If their car is stolen or declared
totaled, their auto insurance company will pay them the actual cash value
of the car. The actual cash value can be a lot different from what they
still owe on their loan. Without GAP insurance their lender will hold
them responsible for paying the difference between the actual cash value
and the amount left on the loan. This might mean having to come up with
hundreds even thousands of dollars to pay that debt. A GAP insurance
policy will eliminate your client having to pay the difference and eliminate
the problem of you trying to explain to your client why the auto insurance
company did not pay the entire amount.
The following is an example
of how gap insurance works:
| Client’s
Purchases a New $20,000 vehicle. No Money Down. |
$20,000.00
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MSRP
$20,000
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Client’s
car is a total loss 12 months later. Client’s loan balance is $17,000
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$17,000.00
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Client’s
Auto Insurance company settlement
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$14,000.00
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Client’s
deductible
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-$500.00
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Client’s
Final Insurance company settlement
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$13,500.00
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Gap
Insurance Pays
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$3,500.00
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Maximum
Gap payment $50,000
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For
more information, please contact Melissa Murphy at the Number One
Agency, Inc.
at 800-742-6363 ext. 230 or email mmurphy@massagent.com
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