IDA Marketing Services Review

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In Business Since: Founded in 1996

Comments: IDA Marketing Services is a distributor of the Collision Deductible Reserve PlanTM (CDRPTM), a program designed to help consumers reduce their overall cost of automobile insurance and increase their cash flow - without requiring any change in insurance agents or companies.

Collision insurance is one type of insurance many consumers purchase for their automobiles. In the event of damage to a vehicle resulting from a collision, collision insurance pays for the repairs to the vehicle after the consumer pays their collision insurance deductible.

The money you save by raising your collision deductibles to a higher amount can be redirected and used to fund your CDRP Account. If you need to pay a collision deductible before your CDRP Account is mature, IDA will advance you the full amount (even if you've only made one payment). Advances may be repaid at $25 per month with NO interest or fees. Once your CDRP Account is mature, you will be able to use your monthly savings to help eliminate debt and build wealth.

CDRP is not insurance, as it does not insure your collision insurance deductible. The CDRP simply provides interest free money for you to use to pay a collision deductible should you need to pay a collision deductible before your CDRP is mature.

Advantages: This is a startup and a new concept to save consumers money. Who isn’t looking to save money? This also gives new entrepreneurs a great opportunity to break into a new developing industry.

What are the potential consumer benefits?

Save 10% to 40% on your auto insurance! (without changing your agent or company) This is made possible by the CDRP (Collision Deductible Reserve Plan)
The customer retention rate is suggested to be high
You do not need to be licensed to sell the product

Disadvantages: This is a startup so they don't have the long history yet. The industry is rather new and developing so you need to be informed on how it works and be able to explain it clearly to others. As this is a startup, I would expect unexpected changes along the way in the compensation plan and marketing among other business operations.

Entities:
Transferable Saleable Willable Structure as Corporation Entity
Unknown Unknown Unknown Unknown

Financial Strength: Undetermined

Management: Undetermined

Gerald McElroy is vice chairman and Sr. Director of Farmers Insurance. Gerald McElroy, has over 30 years of experience in the financial services and insurance industries. He is currently a member of the Board of Governors, Farmers Group of Insurance Companies a member of the board of directors for several organizations including a global insurance company and a number of growth oriented firms. He is a leader in the insurance industry and bring invaluable expertise and knowledge to the IDA team.

It has appears Richard Hawkins, the Vice President of AAA for the State of Washington, has joined the IDA team.

Field Training & Support: Undetermined

Motivational Support: Undetermined

Products/Services: There is a one time setup fee of $25 that is charged with each CDRP account that is due with the first contribution. There is also a deferred management fee of $325 due when the CDRP account is terminated, but, because the CDRP is designed to stay with you for the remainder of your driving career, the company does not deduct the management fee from your CDRP account until the account is terminated - there is no expiration to your account - you keep your CDRP account for as long as you are driving. Over a 30 year driving career, the deferred management fee will average about $0.90 per month. And, if you should become unable to drive for any non-criminal reason (e.g. medical, illness, injury, age, etc.) and no longer need your CDRP, the deferred management fee will be waived by the Company.

They offer three plans –

CDRP Plan 1
Clients who choose Plan 1 ($25 per month for 40 months) will be required to contribute $25 per month until their CDRP Account has been funded to $1,000.

Once a Plan 1 client's account is mature, meaning they have contributed a total of $1,000, the client can withdraw $1,000 because they actually contributed $1,000. The client will need to rebuild the account, replenishing the full $1,000 withdrawn, but will only be required to do so at $25 per month.

In the event that a Plan 1 client should need to pay a collision deductible before the account is mature, an interest-free advance, up to a maximum of $1,000, may be obtained. All advances must be repaid at a minimum of $25 per month. Advanced repayments are in addition to any outstanding account contributions still due.

CDRP Plan 2
Clients who choose Plan 2 ($50 per month for 15 months) will be required to contribute $50 per month until their CDRP Account is funded to $750, but will receive the same benefits as if they funded their account with $1,000 (a 25% discount over the Plan 1 option).

Once a Plan 2 client's account is mature, meaning they have contributed a total of $750, the client can withdraw $1,000 as if they actually contributed $1,000. The client will need to rebuild the account, replenishing the full $1,000 withdrawn, but will only be required to do so at $25 per month.
In this example, the Plan 2 client was able to withdraw $1,000 from the account, but only initially funded their account with $750 (a 25% discount over the Plan 1 client).

In the event that a Plan 2 client should need to pay a collision deductible before the account is mature, an interest-free advance, up to a maximum of $1,000, may be obtained. All advances must be repaid at a minimum of $25 per month. Advanced repayments are in addition to any outstanding account contributions still due.

CDRP Plan 3
Clients who choose Plan 3 ($650 lump sum) will only be required to initially fund their CDRP Account with $650, but will receive the same benefits as if they funded their account with $1,000 (a 35% discount over the Plan 1 option).

Once a Plan 3 client's account is mature, meaning they have contributed the one time lump sum of $650, the client can withdraw $1,000 as if they actually contributed $1,000. The client will need to rebuild the account, replenishing the full $1,000 withdrawn, but will only be required to do so at $25 per month.

In this example, the Plan 3 client was able to withdraw $1,000 from the account, but only funded their account with $650 (a 35% discount over the Plan 1 client).

In the event that a Plan 3 client should need to pay a second collision deductible before any withdrawn funds are replenished, an interest-free advance, up to a maximum of $1,000, may be obtained. All advances must be repaid at a minimum of $25 per month. Advance repayments are in addition to any outstanding account contributions still due.
Compensation Plan: IDA announced a series of enhancements to the compensation plan and they continue to update it. The latest information can be found at:

Compensation Plan - http://idaleaders.com/Step3.aspx

Health Insurance Plan Available: None

Territories: U.S.

Disclaimer and special notes: Please note that the opinions and statements expressed in this report are ours and do not necessarily represent the opinions of others or the company we are reviewing. All information found herein is believed to be accurate at the time of publication, but errors may exist.