Pro Tips from Mack: keep your truck protected with Mack Insurance Services

It’s important for drivers to be insured and protected against anything that can go wrong on the road. Thankfully, Mack Insurance Services makes it easy to get high-quality protection at below-market rates.

“As the captive finance arm of Mack, we extend our insurance and waiver offerings out to our Mack customers who finance with us,” says Trenholm Palmer, director of Insurance Services & Solutions at Mack Financial Services. “We have a very straightforward set of products, including two flagship offerings.”

The first is a Guaranteed Asset Protection Waiver - better known as a GAP Waiver—which can help offer peace of mind against unexpected expenses. As an addendum to a loan or a lease, a GAP Waiver waives customers’ obligation to pay the difference (up to $50,000) if the insurance payout on a total loss or an unrecovered theft is less than the outstanding balance on their loan or lease.

That’s a big help, Palmer says, because “it’s really difficult to predict the level at which an insurance company will pay out on that asset in the event of an insured physical damage claim. You could have 100 identical claims, and you’ll get 100 different payout outcomes from 100 different insurance companies. So, a GAP waiver gives customers financial confidence, because they know they won’t have to pay out of pocket if that asset all of a sudden is gone because it was stolen or got totaled.”

Their other flagship offering, the Equipment Protection Program (EPP), offers standalone physical damage coverage for any newly financed Mack asset with an insured value of less than one million dollars. But Palmer says the EPP has several clear benefits over competing insurance programs.

It’s faster.

EPP can be acquired and set up in just a couple minutes at any location in the dealership network.

“The number one thing that slows down a funding transaction is the dealer waiting on the customer's evidence of insurance—whether that’s from an insurance agent or broker or directly from an insurance company,” Palmer says. “Because it’s available at the point of sale, their Certificate of Insurance is automatically produced, and we eliminate that drag on time completely. When the truck isn't rolling, it's not monetizing, so we want to help drivers get their funding faster so they can get behind the wheel.”

It’s less expensive.

EPP premiums are on average 20% less than the market rate. Palmer says these savings are possible because of Mack Insurances Services’ position as the captive finance provider.

It’s simpler.

The EPP offers a consistent, flat rate for up to 84 months—significantly longer than the 12 months offered by traditional insurance providers which require regular renewal and accompanying paperwork. With EPP, there’s no need to renegotiate annually. Lock in your rate and keep it for up to seven years.

It’s safer.

Because coverage is simpler and has a fixed flat rate, drivers don’t have to worry about their insurance rates going up if a customer experiences an insured physical damage claim. Likewise, coverage always remains in place—even if you miss a bill deadline.

“We've all either been or been friends with people who have forgotten to pay a bill from time to time—and sometimes coverage gets canceled as a result,” Palmer says. “Of course we want our customers to pay their bills, but if they ever miss one, our coverage always remains in place, because we're the policyholder. So, you can spend less time worrying on whether you renewed or paid your bills, and more time focused on the road ahead.”

Next Steps

If you’re interested in signing up for the EPP or a GAP waiver, they’re both accessible at your local dealership. Palmer recommends speaking to the dealership’s finance and insurance manager, who can help you put together a package that’s right for you.

Insurance policies are underwritten and issued by independent insurance companies, not Mack Financial Services, a division of VFS US LLC (MFS), or Mack Insurance Services, a division of Volvo Insurance Services LLC.