If you have ever been in an accident, your vehicle’s trade in value may not be as much as you expected. If this happens, Diminished Asset Protection (DAP) can help by providing up to a $5,000 credit towards your next vehicle purchase or lease from your original selling dealer. Drive with confidence knowing your next vehicle purchase or lease is protected in case of an unfortunate incident.
Graph showing the difference in trade-in value over time for vehicles with and without an accident
The trade-in value of your vehicle gradually decreases over time and may be even lower than you expect if your vehicle has ever been in an accident. Diminished Asset Protection (DAP) can help you if your vehicle has a decreased trade-in value due to an accident by providing a credit up to $5,000 towards a new vehicle purchase or lease from your original selling dealer.
Example of different DAP credits for a vehicle involved in an accident
Here are examples of how the DAP product could provide a DAP credit for a vehicle involved in an accident. Please note that the DAP credit amount is based on the cost to repair the vehicle in the event of an accident, plus the year of your DAP contract during which you turn in the vehicle. Example 1: Your vehicle is involved in an accident and the cost of repair is $12,500. In year two of your contract term, you decide to trade-in your covered vehicle. You could receive a DAP credit of $5,000 to apply towards the purchase or lease of a new vehicle. Example 2: same scenario but your repair costs are $3,000. You could receive a DAP credit of $1,500 to apply towards the purchase or lease of a new vehicle. These examples are for illustrative purposes only. Please refer to the Diminished Asset Protection Credit Table in your contract for exact DAP credit calculations.
Source: Black Book, Data, 2017
On average, a new vehicle depreciates 15% to 20% per year. A minor accident may lower your car's value even more.
In the event of a collision, Diminished Asset Protection (DAP) offers up to a $5,000 credit towards the next vehicle purchase or
If an accident occurs, DAP helps protect your wallet by providing:
Up to a $5,000 DAP Credit if the vehicle is physically damaged due to a collision accident
The DAP Credit will be provided towards your next vehicle purchase or lease when the original vehicle is traded in to the original
selling dealer or an affiliated dealer
Includes coverage if cost to repair vehicle damage is $500 or more
If vehicle is involved in multiple accidents during the Agreement term, the highest DAP Credit amount resulting from any one of
those accidents will be provided
To be eligible for the DAP Credit, all of the following must occur:
the vehicle is physically damaged due to an accident
the vehicle is covered by a primary insurer when the accident occurs
the primary insurer covers the accident
the primary insurer pays you or a repair facility to repair the vehicle damage (after the application of any deductible
the cost to repair the vehicle is at least $500
you trade the vehicle in at the original selling dealer
you purchase or lease the replacement vehicle from the same selling dealer
DAP is not available for purchase on leased vehicles
For These Vehicles
For These Buyers
Limitations and exclusions apply. The Diminished Asset Protection (DAP) product is optional and is not insurance. Coverage may vary by product agreement and state/province. Please refer to the applicable product agreement for details of terms and conditions.
Need to file a claim, or want to check the status of your claim? Check out our Claims section to learn more.