Breaking News
Cimarron Insurance Co. Backs LossPay to Launch America’s First Diminished Value Insurance
LossPay, Inc., is proud to announce its’ newly signed agreement with Cimarron Insurance Company, Inc., and the launch of their revolutionary diminished value insurance protection program.
Diminished value is what happens to a vehicle after accident repairs because it now has an accident history; and it happens in over 70% of all reported accidents in America. Currently, there is no U.S. auto insurance company offering policyholders a comprehensive diminished value solution.
Insurance industry veteran and Director of Insurance Operations for LossPay, Lawrence “Larry” Lipman says, “A solution to the diminished value problem is long overdue and with the recent rise in auto prices, it couldn’t have come at a better time for vehicle owners.”
It is estimated that a vehicle loses between 15 – 30% of its resale value as a consequence of the perceived inferiority in quality it suffers due to the stigma of an accident history – regardless of the severity of the actual damage it sustained. “Diminished value is not an imaginary problem – the financial loses to car owners is very real”, says Lipman.
“I saw a definite need in the marketplace for diminished value insurance coverage”, said Paul Halter, CEO and President of Cimarron Insurance Company, Inc., “and was really excited to be a part of the solution.”
LossPay’s Diminished Value insurance program allows policyholders to select their desired coverage limits to avoid a one size fits all approach. Check rates at www.losspay.com. The initial rollout is in Arizona with an additional 32 states to follow within the next 18 months.
People In This Post
- Upstart Showcases AI Breakthroughs and Business Momentum at Inaugural ‘AI Day’ Read more
- Brex Receives Bond Rating Upgrade to AAA from Kroll Bond Rating Agency, Achieving Highest Possible Rating Read more
- New Global Digital Economy Trust Index Exposes Correlation Between GDP Growth and Consumer Trust Read more
- Perplexity Selects PayPal to Power Agentic Commerce Read more
- MoneyNext Announces Agenda for UK’s Leading BankingTransformation Summit Read more
Customer Suspicion of Insurers Using AI Softens
Insurance customers are growing increasingly comfortable with the use of AI in the sector, paving the way for insurers to further enhance products, customer experiences and operations, according to new research* from Guidewire (NYSE: GWRE) today.
Resilience Unveils Interactive Cyber Risk Calculator
Resilience today launched the industry's first Cyber Risk Calculator to provide organizations with a financial snapshot of their cyber risk
Global Insurance Leader Selected Sapiens to Innovate Operations
Sapiens announced that a European based global insurer has selected Sapiens ReinsuranceMaster and Sapiens DataSuite end-to-end SaaS solution to modernise its operations
Willis Launches Fintech Plus: a Seamless, Global Insurance Solution for the Next Wave of Fintech Leaders
Willis, a WTW business, announced the global launch of FinTech Plus, a streamlined, forward-thinking insurance solution crafted specifically for FinTech firms
Nine in Ten (90%) Life Cover Applications With Mental Health Disclosures Instantly Accepted on the UnderwriteMe Protection
UnderwriteMe, the Insurtech company of Pacific Life Re, has revealed that 90% of life cover applications with mental health disclosures were instantly accepted on its Protection Platform in 2024. The findings are taken from UnderwriteMe’s Protection Platform Pulse Report that is released today.
Shelter Insurance Goes with Shift for Claims Fraud Detection
Shift Technology announced that Shelter Insurance has gone live on Shift Claims Fraud
PassportCard Acquires Embedded Travel Insurance Platform Pattern
PassportCard, a global leader in travel and health insurance innovation, has acquired the technology platform and core team behind Pattern,
Upstart Showcases AI Breakthroughs and Business Momentum at Inaugural ‘AI Day’
Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today hosted its first-ever AI Day investor event in New York City, where executives highlighted the company’s proprietary AI, differentiated business model, and unique financial profile.
Brex Receives Bond Rating Upgrade to AAA from Kroll Bond Rating Agency, Achieving Highest Possible Rating
Brex, the modern finance platform for growing businesses from startups to enterprises, today announced that its senior bond has been upgraded from AA to AAA by Kroll Bond Rating Agency (KBRA)—the highest possible rating.
New Global Digital Economy Trust Index Exposes Correlation Between GDP Growth and Consumer Trust
Today Checkout.com, a leading global digital payments company, launches the inaugural Digital Economy Trust Index, which measures consumer confidence in digital platforms and ranks 16 countries based on security, transparency and user experience in the digital economy.
Perplexity Selects PayPal to Power Agentic Commerce
Perplexity today announced that it has partnered with PayPal to power agentic commerce across its Perplexity Pro platform. Starting this summer in the U.S., consumers can check out instantly with PayPal or Venmo when they ask Perplexity to find products, book travel, or buy tickets.
MoneyNext Announces Agenda for UK’s Leading BankingTransformation Summit
Take a front-row seat to the future of banking innovation as MoneyNext announces the full agenda and speaker lineup for Banking Transformation Summit 2025.
Redefining Risk: Advanced Credit Risk Management, Modelling & Validation 2025
Marcus Evans is delighted to present the 8th Annual Advanced Credit Risk Management, Modelling & Validation conference, taking place from 30 July – 1 August 2025 in Singapore.
EXCLUSIVE: “Fertile Ground” – Hugo Oliveira Sousa, OakNorth in ‘The Fintech Magazine’
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]