Let Consumers Credit Union help you shift gears to worry free car ownership. There are many ways that you can provide proof of insurance to CCU including the ability to upload your own insurance online.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance, may be classified as single-interest insurance as it protects the interest of the lender, a single party.
For consumer loans, such as an auto loan, CCU requires full coverage insurance, comprehensive and collision, starting from day one of the loan. For real estate loans, please refer to your closing documentation as the insurance requirements may vary depending on the collateral type and location of collateral. All evidence of insurance must include loss payee information.
For a consumer loan such as an auto loan, you have up to 30 days after the loan closing; however, the effective date for the insurance policy must be the same as the loan closing date. In other words, the evidence of insurance must not show and gaps of insurance. For real estate loans, the processing team will work with you to obtain evidence of insurance prior to closing.
Refunds are processed on a weekly basis. If the refund is approved that week, on Monday or Tuesday, then the refund would post to the loan account that same Friday. If the refund is approved past Tuesday, on Wednesday-Friday, then the refund would post to the loan account the following Friday.
Typically, borrowers will contact CCU when they are storing their recreational vehicles for winter to obtain approval to remove collision coverage while the vehicle is in storage. If the request is approved by CCU for the specified time period then you may remove the collision portion of the vehicle coverage. You are responsible to supply CCU with updated insurance once the waiver period is over or if the vehicle is taken out of storage sooner. To submit a storage request, please contact us at 877.275.2228