With VIRC, we put the control back in your dealership/finance company's hands. VIRC is built to alleviate the potential risk of having collateral exposed on the road.
Buyers do not need to get qualified or underwritten because VIRC insures your dealership and/or finance company. So when buyers get approved for financing, you can enroll them in VIRC with one click, and your interest in the vehicle is protected.
Principal owners of any size dealership or finance company can participate in underwriting profit. No minimum volume requirements for participation. Find out more by completing the contact form.
With VIRC, uninsured, sub-prime buyers can get approved right on your lot. VIRC’s policies are underwritten by VIRC Insurance Company, which underwrites the vehicle, not the driver.
Subprime Customer Buys Vehicle
Dealer Enrolls Vehicle In VIRC, Insurance And Lease Gets Combined
Customer Defaults On Vehicle Payment, Car Repossessed
Repossessed Vehicle Is Damaged
Dealer Files VIRC Claim
VIRC Pays Dealer or Finance Company
Average Loan Amount
Loan Terms
Units Sold Per Month
% Penetration
80
%
Contracts Per Month
16
Premium
$1,800.00
Admin
$170
Loss Ratio
27
%
Claims
$540.00
To Trust
$1,108.00
Cash at end of term
% Penetration
85
%
Contracts Per Month
18
Premium
$2,700.00
Admin
$
85
Loss Ratio
27
%
Claims
$729.00
To Trust
$1,576.00
Cash at end of term
% Penetration
45
%
Contracts Per Month
11
Premium
$3,276.00
CPI ADMIN COST
21
%
Admin
$687.96
Loss Ratio
45
%
Claims
$1,474.20
To Trust
$1,113.63
Cash at end of term
% Penetration
90
%
Contracts Per Month
18
Premium
$2,700.00
Admin
$
125
Loss Ratio
27
%
Claims
$729.00
To Trust
$1,576.00
Cash at end of term
What happens when a buyer comes in without proof of insurance?
What happens to a dealer?
NOT WITH VIRC
VIRC allows car, motorcycle dealers, and finance companies to place insurance within a retail installment contract, alleviating the headache and lessening the hassle of the potential deal you are working on.
Every month you sell vehicles, hoping that the buyer keeps their end of the insurance agreement. But some buyers will cancel their insurance after just one month, putting dealers in a precarious situation if the vehicle gets into an accident.
At just $85 per mo., VIRC helps dealers meet insurance requirements and worry less. The monthly charge is passed down to the borrower.
Our technology allows for a less than five minute process to add a vehicle to VIRC Insurance. Simply open the app, scan the VIN, enter the loan amount and term of the loan, then click submit.
Once submitted, our underwriting staff will review the submission to confirm accuracy of all details
Wala! You now have a new vehicle enrolled in VIRC!
VIRC combines the insurance and loan payment into one monthly charge. The monthly charge is passed down to your car buyers.
per vehicle on top of the loan contract
Coverage up to the total outstanding loan balance
No deposit needed
No insurance qualifiers needed
No lapse in insurance coverage
Borrower can’t cancel the policy
Small one-time admin fee per vehicle
Is special licensing required to use VIRC?
Dealers or finance companies don’t need any special licensing to participate in VIRC. VIRC is CFPB Compatible and approachable product designed to benefit all parties involved.
How do sub-prime buyers qualify for VIRC?
Buyers don’t need to qualify for VIRC or insurance because we insure the vehicle. There are rare scenarios where a vehicle doesn’t qualify for VIRC, which we lay out clearly in our master policy.
How are claims paid?
VIRC carries 100% of the risk. You submit a claim in our app by filling out a simple form, and VIRC pays you. Eliminating the need to deal with 3rd party claims process’ ever again. VIRC will mitigate the loss according to the policy terms.
Does this program meet all state requirements?
VIRC operates in a number of states that allow for VIRC Insurance programs by law. For a list of states in which we are currently approved by law to operate, complete the contact below.
Can VIRC Be placed on 100% of vechicles sold?
Depending on the state in which you operate, yes VIRC can be placed on 100% of vehicles sold. However, in states that do not allow for this, VIRC can be placed on a vehicle sold in which a buyer has not provided proof of full coverage insurance.
Learn more about the many benefits VIRC Insurance can provide to your dealership and finance company by clicking below!
Contact Us
