Overview
LossPay is a diminished value insurance MGA serving owners of luxury and exotic vehicles in the United States. The company underwrites coverage that compensates policyholders for the loss in resale value -- typically 15-30% -- that vehicles sustain following an accident, even after professional repairs have been completed.
The company operates through a program backed by Cimarron Insurance Company as the capacity provider. LossPay received approval as an admitted insurance product from the Arizona Department of Insurance in May 2023, becoming the first insurer to offer diminished value coverage on an admitted basis in the United States. The program currently operates in Arizona and Texas, with expansion plans targeting 33 additional states.
LossPay focuses on vehicles valued at USD 50,000 and above, with a minimum policyholder age requirement of 30 years. The company uses VIN-based verification and automated claims workflows to assess resale value depreciation and settle claims efficiently.
Products & Services
Diminished Value Protection Coverage
Coverage designed to compensate vehicle owners for the documented depreciation in resale value following an accident repair. Applies to high-value vehicles (USD 50,000+) regardless of repair quality.
Key Features
- Compensation for 15-30% resale value loss post-repair
- VIN-based vehicle identification and verification
- Automated claims workflow for rapid assessment and settlement
- Coverage on an admitted basis in supported states
Target Users: Owners of luxury and exotic vehicles valued at USD 50,000 or more, with policyholder age 30+
Distribution: Direct to consumers