News

SouthwestRe Announces Updates to Complete and Ultimate Theft Protection

Sep 30, 2016

Albuquerque, NM (September 30, 2016) – In a continuing effort to ensure that its products are among the finest available in our Industry, SouthwestRe announced today important updates to its First Automotive Complete Theft Protection and Ultimate Theft Protection products. As a result of these changes, the paperwork required to offer these programs in dealerships has been significantly reduced, and available coverage has been enhanced.

The most dramatic change from a dealer and agent perspective is the reduction of five possible term/benefit forms down to one single form. Previously, each of the five term/benefit levels offered by Complete and Ultimate Theft required the use of a different form. As a result of this update, one single form can now be used for all term/benefit levels, which range from a 2-year term with a $1,000 benefit to a 5-year term with a $5,000 benefit. Dealerships can choose to offer any or all of the various combinations to their customers.

In addition, Complete Theft and Ultimate Theft now offer a $1,000 insurance deductible reimbursement. Previously, Complete Theft did not provide this benefit, while Ultimate Theft offered a total insurance deductible reimbursement of $500. If a covered vehicle is stolen and recovered, but not deemed a total loss, both programs will now reimburse the customer for either the cost of repair or their insurance deductible up to $1,000, whichever is less.

Ultimate Theft Protection also provides a number of additional benefits beyond what is available with Complete Theft Protection. These include a significant rebate if the customer purchases a replacement vehicle from the original selling dealer prior to making a claim, as well as reimbursement for car rental, trip interruption, and airfare expenses.

“All of us at SouthwestRe are very pleased to offer these enhancements to Complete and Ultimate Theft Protection,” said Jamie Jerabek, Vice President of Underwriting and Product Development for SouthwestRe. “To provide some background, Complete and Ultimate are limited product warranties designed to protect new and used vehicles from theft. If a protected vehicle is stolen and deemed a total loss during the term shown on the warranty, both programs will pay the vehicle owner the benefit amount shown on the warranty, or the NADA “clean trade-in” value of the vehicle, whichever is less.”

For More Information:

If you are a vehicle owner and would like learn more about First Automotive products, or are interested in purchasing a vehicle service contract, please click here. If you are an agent and would like to learn about offering these programs in your dealerships, please complete our “Contact Us” form, or call our Client Services department at 866-414-3867.

About SouthwestRe:

For over 30 years, SouthwestRe has been one of the nation’s leading Third Party Administrators and providers of profitable reinsurance programs. Through independent agents, we offer an exclusive line of Finance & Insurance (F&I) products to franchise and independent dealers throughout the country, who in turn offer them to their customers. We are perhaps best known to the general public for service contracts sold under the First Automotive, PowerRev, ProTrek and TruckGuard names, which offer coverage for cars and trucks, powersports vehicles and motorcycles, RVs, and Class 3-8 trucks.

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