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As the lien holder on your vehicle and many others, we depend on comprehensive and collision insurance to protect our credit union from uninsured loss. The terms of your loan contract requires you to have this coverage for the life of the loan. Still, members sometimes allow their coverage to lapse.
When this happens, a Collateral Insurance policy is placed on the member's loan with the cost added to the monthly payments. Collateral Protection Insurance protects the Credit Union, but does not cover the borrower, and is no substitute for traditional insurance.
You can avoid the added cost of Collateral Protection Insurance by keeping your insurance policy up to date. Should you receive a notice from our Insurance Department asking for proof of insurance, we encourage you to respond quickly to avoid any inconvenience. For questions on Collateral Protection, please give us a call.
If you have received a letter requesting proof of insurance on your auto loan, we encourage you to act quickly. The terms of your loan contract require you to have comprehensive and collision insurance for the life of your loan and have the credit union listed as lien holder. Members without proof of current insurance on file will have the cost of a Collateral Protection Insurance policy added to their monthly payment.
Briefly, Collateral Protection Insurance protects the credit union from uninsured loss should your vehicle be damaged or lost. However, it does not cover you and is no substitute for traditional insurance.
Valley Oak uses a system to track and monitor the insurance status of our loans. If you have received a letter asking for proof of insurance, please send your documentation to firstname.lastname@example.org as soon as possible to avoid any inconvenience. For more information on Collateral Protection, please give us a call. Thank you for your assistance.
Collateral Protection Insurance frequently asked questions
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