Rumor Mill at it Again…

Addressing Rumors of Repossession Insurance Carrier Pulling Out of The Market

Recently one repossession insurance provider had to publicly address rumors/concerns that the carrier they use was possibly pulling out of the market. In a concise statement the company explained the current insurance environment they are experiencing and indicated while some carriers have exited the market, they were still open for business and while limited in a few states currently (5 were specifically mentioned) – it is a temporary situation.

Well – we are not sure if this information took off and there is confusion about the insurance providers involved or if some other forces are actively trying to disrupt the market place, but it appears that some of those same comments are now being directed towards Recovery Specialist Insurance Group (RSIG), with information being put out there that there are anywhere from 5 to 10 states that we cannot provide coverage.

RSIG is a risk purchasing group, formed under federal laws in 1988 specifically for the repossession industry. We provide coverage through a single carrier for repossession agency exposures.

Because of how unique we are in how we are set up, there are some limitations on states where our partner agency can’t write owned auto/tow truck insurance, but these are the same states that are challenges for many insurance providers, which are Hawaii, Alaska and Massachusetts. While we cannot help with the tow truck insurance in these states, we proudly provide the repossession insurance for members in these states and beyond.

There are a very limited number of repossession insurance providers in the marketplace, who truly have experience in these coverages; so if these circulated / recycled rumors are a provider’s attempt to enter and disrupt the market that should tell the industry a lot about the type of company/individuals they may be dealing with.

About RSIG

RSIG has been supporting professional repossessors for over 3 decades. In evaluating the needs of the industry and understanding the industry from both a repossessor’s and insurance provider’s point of view, we are able to meet those needs and offer exceptional product and services that are un-matched.

RSIG is also the most respected and recognized group of repossessors in the industry today. We earn that respect by maintaining a positive professional reputation with lenders nationwide and by fulfilling the needs of the industry.

RSIG is the industry’s Trusted Source for repossession insurance, repossession assignment management and repossession education & training.