Explore Commercial Truck Protection Plans
WHY DO YOU NEED A Protection Plans FROM Premier Financing?
- Today’s commercial vehicles are high-tech marvels of engineering that deliver unparalleled fuel economy and reliability. However, with technical sophistication also comes vehicle components that can be costly to replace should they fail.
- Premier Financing extended coverage plans cover a wide range of components including engines, transmissions, injectors, turbochargers, aftertreatment systems and much more.
- Components could cost up to 100% more than a similar component did less than 10 years ago.
- Premier Financing extended coverage plans are available from 12 months/100,000 miles to 48 months/400,000 miles for most purchases.
- Comprehensive extended coverage plans from Premier Financing are critical to assuring that you maintain the cash flow needed to run your business and the peace of mind to focus on achieving your transportation goals.
GAP & GAPlus Coverage
Guaranteed Asset Protection Program
About Debt Protection Products - Insurance will cover vehicle payments, but will not insure the truck or driver
Protect Your Truck and Your Wallet
Did you know that if your vehicle is stolen or declared a total loss, you may still be responsible for paying off a portion of the vehicle finance contract?
Many people owe more on their finance contract than their insurance company will pay in the event of total loss. GAP is an amendment to a vehicle finance contract that waives a portion or all of what you owe on the finance contract after an insurance settlement is paid for the total loss of a vehicle. GAP will also pay for your insurance deductible (where permitted by state).
Always be Prepared
You may think it won’t happen to you, but the theft or total loss of a vehicle can take you by surprise. The surprise can be twice as unpleasant if your primary insurance carrier’s settlement is less than the amount needed to pay off your finance contract’s outstanding balance.
Credit Protection Products
- Life and Disability Insurance
- Guaranteed Asset Protection
- Down Payment Protection
- Accident & Mechanical Downtime
Down Payment Protection
If your vehicle is declared a total loss due to an accident, you may be eligible for reimbursement of your down payment—up to $30,000—when you replace the vehicle through the original selling dealer and finance it with Daimler within six months. This benefit applies to NB Policy holders and covers cash or trade used as capital cost reduction. Replacement vehicles should match the original vehicle’s application, though flexibility is allowed due to inventory constraints. For waivers, replacements must occur through North East, and for addendums, Daimler must be the funder. Addendum benefits are credited directly to the client’s account and can be purchased as standalone products.
Coverage options include full reimbursement for two years (F&I Pro Default) or a declining scale over three years—100% in year one, 75% in year two, and 50% in year three. Downtime Protection is also available through the Daimler Addendum, offering rental reimbursement up to $150 per day, $1,000 per week, and a total of $4,000, including taxes, with valid rental receipts. Note that security deposits and taxes structured as the first payment are not eligible for reimbursement. The Synergy website can also be used to manage multiple assets under this program.
Downtime Protection
Downtime Protection provides financial relief when your truck is out of service due to repairs, offering credits directly to your account. Available exclusively for Daimler Class 3–8 vehicles (trailers excluded), this standalone coverage includes up to $12,000 per claim and $25,000 per addendum, with a maximum of $5,000 in monthly payments for up to 75 days per occurrence. Whether due to an accident (for vehicles up to 72 months) or major mechanical issues (for trucks up to 5 model years old), this program ensures you're supported during unexpected downtime—up to $160 per day.
Accident Downtime
- Accident Downtime Coverage pays you when your truck is being repaired after an accident (partial loss).
- Waiting Period:
- Coverage starts after 3 days (Daimler Addendum) or 7 days (Waiver).
- Accidents Covered: Whether it happens on the road or in the yard.
- Claim Process:
- Submit the initial repair estimate (including parts, labour, and date the repair order was opened).
- Provide the final invoice once repairs are complete.
- The number of covered days is calculated as: days between estimate and invoice minus the waiting period, multiplied by the daily payment.
- Requirements:
- You must file a claim with your primary insurance and submit a police report.
- Repairs must be completed by a licensed collision repair shop.
Mechanical Downtime
- Covers lost time when your truck is in the shop for major mechanical repairs (not for parts or labour costs).
- Waiting Period: 3 days for Daimler Addendum, 7 days for Waiver.
- Covered Components: Engine, transmission, powertrain, and drivetrain.
- Claim Process:
- Submit the initial repair estimate (including parts, labour, and the date the repair order was opened).
- Provide the final invoice when the truck is ready.
- Payment is based on the number of days between the estimate and invoice, minus the waiting period, multiplied by the daily rate.
- Exclusions: Electrical and sensor-related issues are not covered.
- Repairs must be completed by a licensed mechanic.
Personal Protection Plans
These products provide relief to clients for accidents and illnesses 24/7. Monthly payments or loan lease balances are paid in the event client cannot work or due to loss of life.
Group Creditor Life
- If you were to suffer a fatal injury or illness, creditor life coverage will pay off the insured portion of your loan or lease. This means that your family can keep the equipment, continue the income stream and not have the strain of heavy monthly loan payments.
Group Creditor Disability
- If you become totally disabled due to an injury or sickness and are unable to work, disability coverage will take care of your insured monthly payments, allowing you to focus on what's most important – you.
Group Creditor Critical Illness
- Pays off or reduces the balance of your loan or lease if you are diagnosed with a covered critical illness or condition.
The above mentioned protection products are underwritten by Chubb Life Insurance of Canada.
Frequently Asked Questions
Why should I buy a Protection Plan?
While we would like trucks to last forever, we know that all vehicles will eventually need parts and service repairs. Protecting your investment and ensuring steady business operations is one of your most important decisions along with purchasing a truck. Our coverages allow you to focus on operations and profitability, not on paying for a large, unexpected repair bill.
What is the difference between the Protection Plans coverages and providers?
Each provider we work with is trusted in the industry and has a strong relationship with Premier Financing. Depending on the make, model, age, and mileage of your vehicle, coverages and availability varies, so our Protection Plans experts make sure to match the coverage that best meets the needs of your vehicle and your business model.
Do I need GAP/GAPlus waiver coverage?
GAP/GAPlus is extremely important in maintaining the operations of your business in the event of a total loss. Even putting money down, insurance may not pay you what you think you deserve for your vehicle. And if you owe more on your loan than you receive, GAP/GAPlus coverage will cover the difference, leaving cash in your bank account to operate your business. And with GAPlus, you will receive up to 10% (or $10,000) toward the down payment of a replacement truck through one of our dealerships.