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When you refinance your auto loan through Caribou, you’re making a smart move to lower your financial burden. But car ownership goes beyond just managing your loan—it’s also about protecting your vehicle and your peace of mind. That’s why Caribou offers a variety of add-on coverages* designed to protect you from unexpected costs, from major repairs to cosmetic fixes. Let’s take a closer look at these offerings and how they can safeguard your investment.
1. Guaranteed Asset Protection (GAP) Waiver
Why You Should Add This Coverage: Accidents, vandalism, theft, and natural disasters happen, and sometimes, insurance payouts don’t cover the full value of your vehicle. A GAP waiver helps bridge the gap between what your insurance pays and the actual amount you owe on your loan if your car is totaled.
Benefits:
- Covers up to 150% of the car’s value.
- Includes insurance deductible reimbursement up to $1,000.
- Protects vehicles valued up to $100,000 and waives losses up to $50,000.
How It Helps: In the event of a total loss, GAP coverage prevents you from paying out-of-pocket for the remaining balance on your loan.
2. Vehicle Service Contract (VSC)
Why You Should Add This Coverage: As vehicles age, unexpected repairs can become costly. A VSC helps cover major repairs, excluding routine maintenance like oil changes and brake pads.
Benefits:
- Exclusionary coverage for most vehicle parts, except routine maintenance items.
- Choose a deductible of $100 or $250, depending on your needs.
How It Helps: This comprehensive coverage helps offset repair costs, potentially saving you thousands on major repairs such as engine or transmission failures.
In most cases, your coverage is active upon funding! (Pre-existing conditions not covered.)
3. All-in-One Coverage
Why You Should Add This Coverage: Get maximum protection with a bundle that includes key replacement, windshield repair, tire coverage, paintless dent repair, and 24-hour emergency services.
Consider the costs: repairing a single dent with paintless dent repair can run about $300, while replacing wheels and tires can cost approximately $1,000 and $500 each.
Benefits:
- Coverage for key replacement, windshield repair, flat tires, and dent repairs.
- 24-hour emergency services including towing, roadside help, and lockout assistance.
How It Helps: All-in-One coverage is perfect for drivers who want peace of mind, knowing that virtually any unexpected issue — whether it’s a flat tire, damaged windshield, or lost key — can be resolved quickly and easily.
4. Powertrain VSC
Why You Should Add This Coverage: Focused on critical vehicle components like the engine and transmission, this coverage helps avoid costly repairs.
Benefits:
- Covers vital components including the engine, turbo, transmission, and drive axle.
How It Helps: A powertrain breakdown can be catastrophic, but with this VSC, you’ll have coverage for those vital parts, saving you thousands in repair costs.
5. Cosmetic Protection
Why You Should Add This Coverage: We all know how frustrating small dents, chipped windshields, or flat tires can be. Cosmetic Protection offers comprehensive coverage to maintain your car’s appearance and provide emergency roadside assistance when you need it most.
Benefits:
- 24-hour emergency services like towing, flat tire assistance, and lockout help.
- Front windshield repair for chips and cracks.
- Tire and rim replacement, along with paintless dent repair.
How It Helps: Whether it’s an unfortunate rock chipping your windshield or a flat tire on a road trip, Cosmetic Protection plan has you covered. Plus, with paintless dent repair and tire protection, you can keep your car looking great without worrying about small, unexpected damages.
6. Key & Remote Protection
Why You Should Add This Coverage: Keys and remotes are easy to lose or damage, and replacing them can be costly. In fact, replacing and reprogramming a smart key can cost over $500. With this plan, your keys are covered, making it easier and more affordable to get back in the driver’s seat.
Benefits:
- Key replacement and lockout services.
- 24-hour roadside assistance, including battery replacement and fuel delivery.
- Additional perks like rental car discounts and map routing services.
How It Helps: Lost your keys or locked them in your car? This protection plan saves you from the inconvenience and high cost of replacement, while also offering additional support for common roadside issues.
Curious about your savings?
Check out Caribou’s auto refinance rate options now and see how much you can save over the life of your loan!
7. Mechanical Breakdown Insurance (California Only)
Why You Should Add This Coverage: California drivers can benefit from specialized coverage that helps with unexpected repairs for key vehicle components, providing an alternative to traditional warranties.
Benefits:
- Various coverage levels, from basic to exclusionary, based on your needs.
- Deductible options include $0, $100, or $250.
- Coverage for major components, such as the engine, transmission, and electrical systems.
How It Helps: Mechanical breakdowns can occur at any time, and this insurance helps cover repair costs without affecting your standard auto insurance policy. It offers peace of mind to California residents by keeping repair expenses predictable.
The Bottom Line: Protecting Your Vehicle Is Smart
Caribou’s add-on coverages provide tailored solutions to protect you from unexpected expenses, whether it’s a totaled car, lost keys, or a costly repair. Selecting the right coverage ensures that your car ownership experience remains stress-free and financially manageable.
Already have coverage? We can often extend your coverage and get you a cash refund along with your refinance.
Interested in these coverages? We can add them to your refinance with no money out of pocket.
Ready to learn more? Start your refinancing journey today.
*Optional products such as vehicle service contracts and others discussed above are available to help customers protect the value of their cars. Optional products are not required as a condition to refinance a loan.
There are eligibility requirements, conditions, limitations, and exclusions that could prevent you from receiving benefits under one or more ancillary products above. You should carefully review the product agreements for a full explanation of the terms, conditions, limitations, and exclusions.
