What is Collateral Protection Insurance?
As part of your auto loan obligation, you are required to maintain physical damage insurance coverage on your vehicle until you pay off the loan.
If you fail to provide proof of insurance or fail to maintain insurance coverage for the life of the loan, Municipal Credit Union will purchase a policy to protect the asset and pass the cost on to you, the borrower.
The cost of this insurance can be much more expensive than if you purchased insurance on your own from an insurance company.
If you receive a communication from us regarding CPI, it is because you need to submit proof of insurance. Visit myinsuranceinfo.com to submit proof of insurance.
If you have any questions regarding a Collateral Protection notice you received, please call toll free: 1 (800) 998-0762.