A Collateral Protection Plan (CPI) is physical damage coverage that will cover the cost of the vehicle in the event that you are involved in an accident.
($45 per day up to $500 total Credit towards loan account)
NO, CPI will only cover the cost of the vehicle in the event of an accident. You are required to have liability insurance in Florida, which covers the cost of the other party in an accident.
This means that in the unfortunate event of an accident that results in a total loss; CPI will cover the remaining due balance on the vehicle, and the account will be completely paid out. Similar to a Gap Insurance at no additional cost.