First American TitleGuard is Only Insurance Protecting Against 452,000 Cases of Odometer Fraud
— TitleGuard Is Only Insurance Protecting Against Odometer Rollback and Other Types of Auto Title Fraud —
August 14, 2002, POWAY, Calif.
Costing Americans more than $1 billion in damages every year, odometer fraud is one of the top crimes against property in the United States according to the National Highway Traffic Safety Association (NHTSA). TitleGuard Vehicle Title Insurance is the only protection that insures used car buyers against damages resulting from unreported DMV evidence of odometer rollback.
TitleGuard Vehicle Title Insurance, offered exclusively by a joint venture company formed by The First American Corporation (NYSE: FAF) and Experian Automotive, is essentially a two-part product. The first part, powered by Experian Automotive, gives the policyholder a detailed vehicle history summary. The second part, underwritten by First American, insures the accuracy of the title information in the vehicle history summary and provides a legal defense against any third-party title claims or “hidden” liens that may arise in the future.
“This most recent NHTSA study once again confirms the need for an insurance product like TitleGuard,” said Tom Rubadue, president of the newly formed Vehicle Title LLC, the provider of TitleGuard Vehicle Title Insurance. “Unlike a vehicle history report alone, TitleGuard actually insures used car buyers against unreported DMV title defects—like evidence of odometer rollback—for up to 100 percent of the vehicle’s fair market retail value. As such, TitleGuard eliminates much of the financial risk associated with a used vehicle’s hidden title past.”
The NHTSA study, released July 11, 2002, reports that on average, odometer fraud costs Americans $2,336 per tampered odometer, or more than $1 billion every year. The study further reports that although every state meets the minimum federal guidelines designed to curb odometer fraud, very few states have instituted comprehensive odometer rollback detection programs. In fact, only four of the 46 states that responded to the NHTSA survey routinely verify odometer readings submitted by title applicants; alert the titling office or car buyer when a vehicle has lower mileage than previously indicated; and keep records of odometer readings at any time other than titling, such as at annual emissions or safety inspections.
Rubadue continued: “While the states are definitely making strides in combating odometer fraud, used car buyers still purchase their vehicles’ in a ‘buyer beware’ marketplace. And that’s where TitleGuard comes in.”
Much like title insurance for your home, TitleGuard protects used car buyers from the financial losses that can result from unreported vehicle title defects. When purchased by a used car buyer, TitleGuard delivers unsurpassed peace of mind. When purchased by a used car seller and transferred to the buyer, TitleGuard functions as a “third-party seal of approval” on the vehicle, fostering trust, adding value and resulting in a quicker sale. TitleGuard represents a dramatic advance over existing industry products.
TitleGuard’s one-time premium is only $49.95, and each policy comes with a free
120-day transfer option. With TitleGuard, there is no deductible, no hidden fees and no fine print. For more information or to purchase a TitleGuard Vehicle Title Insurance policy, please call 1-866-819-3100 or visit www.AutoTitleGuard.com.
About Vehicle Title LLC
Vehicle Title LLC is a recently created joint venture between The First American Corporation (NYSE:FAF), the nation’s leading, diversified provider of business information and one of the largest and most respected providers of title insurance, and Experian Automotive, a leading automotive data and vehicle history information supplier. By combining the strengths and expertise of these two companies, Vehicle Title LLC maximizes its efficiencies to deliver TitleGuard Vehicle Title Insurance, a truly revolutionary product, to the used car buying and selling public. TitleGuard is the first and only product that insures used car buyers, sellers and lenders against the actual losses that can result from unreported DMV title defects for up to 100 percent of the vehicle’s fair market retail value. For more information on The First American Corporation, Experian Automotive, or TitleGuard, please visit www.firstam.com, www.automotive.experian.com and www.AutoTitleGuard.com, respectively.