Loan Protection

Life is unpredictable. Breathe easy knowing SecureDrive™ Loan Protection covers your car payments up to a fixed amount if life takes an unexpected turn.

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What are you covered for?

Disability
Coverage*

Disabilities can have a major impact on your life. Have your monthly vehicle payments paid up to a fixed amount in the event of a disability.

Loss of Employment Coverage*

We all know the job market has its ups and downs. If you find yourself unemployed and not at fault, you are covered for 6 monthly payments up to a fixed amount while you find your next opportunity.

Life
Coverage*

In the event of your death, the balance of your loan or the negative equity portion of your loan will be paid up to a fixed amount.

Critical Illness Coverage*

Purchased with Life Coverage under the Carefree plan, the balance of your loan up to $100,000 will be paid if diagnosed with a critical illness – helping your vehicle remain with you and your family.

* Loan Protection is optional and is underwritten by Co-operators Life Insurance Company and provided by LGM Financial Services Inc. Coverage is governed by the creditor group insurance policy and is subject to terms, conditions, exclusions and eligibility requirements. Contact your local SecureDrive dealership for more information on SecureDrive Loan Protection.

Negative Equity means the difference between the Outstanding Balance of your insured Loan/Lease and the average wholesale Canadian black book value of your vehicle.
Included with life coverage, the living benefit covers you if you are diagnosed with a terminal illness.

Customize your coverage

Choose from one of three plans designed to meet of your needs.

Carefree

The freedom to choose the coverage you need.

Choose from:
Disability
Loss of Employment
Life
Critical illness

Essential

Bundle the essentials for full peace of mind

Includes:
Disability
Loss of Employment
Life

Essential Plus

All the benefits of the essential plan with a higher coverage limit

Find a plan
that’s right for you

Rest assured knowing your car payments are covered if life takes an unexpected turn.

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Be prepared for what life may bring…

Infographic - Loan Protection

Sources: Statistic Canada, cancer.ca/statistics and heartandstroke.ca

Getting the coverage you need has never been easier

No medical questionnaire or exams.

No smoker premium surcharge.

Premium can be included with
the vehicle financing.

Frequently Asked Questions (FAQs)

Find answers to our most frequently asked questions. If you still have questions, feel free to reach out to a SecureDrive advisor or your local selling Dealership.

Who underwrites SecureDriveTM Loan Protection?

SecureDrive™ Loan Protection, also known as The Co-operators Creditor Insurance, is underwritten by The Co-operators Life Insurance Company and provided by LGM Financial Services Inc.

Is Creditor Insurance or Loan Protection mandatory on financed and leased vehicles?

No, the Co-operators Creditor Insurance is an optional and voluntary product which offers security during times of financial hardship caused by certain life events.

When does coverage begin?

The effective date of insurance for single Premium Creditor’s Group Insurance coverage begins on the effective date of insurance as stated on the Insurance Enrollment.

How long does it take (on average) for a claim to be paid?

Claims are typically processed and paid within 90 days of notification of claim.

Can I buy Critical Illness coverage if I’m self-employed?

Yes, Critical Illness coverage is available for self-employed customers under our Carefree plan.

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