Collateral Protection Insurance (CPI)
WHAT IS CPI (Collateral Protection Insurance):
Collateral Protection Insurance may be issued through the credit union’s insurance program. This insurance may cost more than insurance you can buy on your own. The coverages afforded by CPI are primarily to protect the credit union’s interest. CPI will not satisfy the requirement of any financial responsibility law, nor does it provide liability coverage.
WHY DID I RECEIVE A NOTICE ABOUT PROVIDING PROOF OF INSURANCE?:
Your loan agreement requires you to maintain comprehensive and collision coverage on your vehicle for the life of your loan. We require that you provide us evidence that you have established acceptable insurance coverage as outlined in the loan agreement.
YOUR INSURANCE POLICY NEEDS TO INCLUDE THE FOLLOWING:
- Kings Federal Credit Union as LIENHOLDER/LOSS PAYEE.
- COMPREHENSIVE and COLLISION coverage on vehicle with deductibles not to exceed $1,000.
- Collateral must match collateral on loan document.
- Policy number, policy period, and company name MUST be listed.
Proof of Insurance Information
Do you need to provide proof of insurance to Kings Federal Credit Union because of a new or existing loan? If so, please send a copy of your declaration page (an insurance identification card is not valid)
There are four convenient options available.
- Mail the information to:
Kings FCU – Insurance Center, P.O. Box 3308, Santa Rosa, CA 95402
- FAX it to: (707) 206-0204
- email to: Coverage@IDoHaveInsurance.com
- Call us at (800) 743-3898 M-F:9:00-5:00 Sat: 8:30-12:30 Pacific Time
To find out if we have received a copy of your insurance policy from your insurance company, please call: (800)743-3898 toll free
Should you fail to maintain the required insurance throughout the life of the loan, the lender may (but shall not be required to, and without prejudice to its rights if it does not) purchase a policy for its own protection and pass the cost of the policy on to you, the borrower. The lender, may, but is not required to, attempt to contact you prior to purchasing the insurance. The lender may at its option, add the premium to your loan. This may cause an increase to your regular payments and/or extend the term of your loan.
HOW DO I GET A REFUND?
If we received a copy of a comprehensive and collision insurance policy that has been purchased from your personal insurance agent or company and the policy meets all the requirements stipulated in your loan agreement, we will promptly refund any unearned portion of the premium. We will apply this refund to your loan, thus reducing its balance.