What is CPI?
Collateral Protection Insurance (CPI) provides coverage for physical damage to the property used as collateral on your loan.
- It does NOT provide any coverage for personal property, liability, or medical payments.
- CPI protects TFCU’s interest in the vehicle collateral as your lender.
- CPI is NOT a substitute for standard or extended insurance coverage.
Why was CPI added to my loan?
If CPI has been added, TFCU has not received evidence of full coverage insurance for the property used as collateral on your loan.
- As a result, TFCU has acted on your behalf to purchase insurance to protect our interest in the collateral.
- You are responsible for the cost of this insurance, including any interest and other charges that we may impose in connection with the purchase of this insurance.
How do I get CPI removed from my loan?
CPI may be removed from your loan, if you provide evidence of full coverage insurance. TFCU must be listed as the loss payee (lien holder) on this policy.
Was I notified that CPI would be added?
Yes, you received notices through the U.S. Postal Service. The notices were mailed to the address we have on record for your account with us.
Why is CPI still on my loan?
If you have provided evidence of insurance, CPI should have been removed.
If the insurance policy did not meet all requirements, you should have received a letter notifying you of the requirement(s) not met.
You may provide the information again or call 1-866-776-5958 to obtain more information as to why the CPI is still on your loan.
Where can I send my insurance information to get CPI removed?
Evidence of insurance coverage may be provided by any one of the following methods:
- Phone: 1-866-776-5958.
- Mail: Insurance Service Center, P.O. Box 691427, San Antonio, TX 78269-1427.
- Fax: 1-877-789-4498.
- Online: www.Imcovered.com/tinkerfcu.
You must provide your declarations page. Members will be prompted to provide a Unique Identifier. This information will only be provided to members if they receive a notice from SWBC that evidence of insurance has not yet been received.
- Members may select the” I don’t have this information” link below the Continue button to proceed without the Unique Identifier.
- Details of the policy are required to complete the verification process.
- An image of the policy may be attached when the information is submitted.
Why did I get charged for CPI when I have my own insurance?
TFCU has not received evidence of your insurance. You will need to provide evidence of full coverage insurance showing TFCU as the loss payee (lien holder) with a maximum deductible of $1,000.
How long does CPI last?
CPI will continue to be added to your loan until evidence of insurance is provided.
Can I take full coverage insurance off of my loan if it is in storage?
You may submit a letter to TFCU requesting a temporary waiver of collision insurance if your vehicle will be in storage.
You must include:
- The reason the vehicle will be in storage.
- Date range.
- Storage location.
Comprehensive coverage to meet the state’s law requirements must still be maintained.
Can I just keep CPI coverage on my vehicle instead of providing my own insurance?
No, CPI does not meet the state’s law requirements for insurance coverage.
CPI coverage only covers the physical damage against the collateral; it does not provide any coverage for personal property, liability or medical payments.
How is my CPI coverage premium calculated?
The CPI premium charged by TFCU is calculated on a flat rate.
How long does it take to remove CPI from my loan and readjust my monthly payments?
The process to remove CPI coverage will begin once TFCU receives proof of full coverage insurance showing TFCU as the loss payee (lien holder) with a maximum deductible of $1,000.
Why do my payments go up when CPI is added?
You are responsible for the cost of this insurance, including any interest and other charges that TFCU may impose in connection with the purchase of this insurance.
The CPI premium is added to your loan balance monthly and your payment is increased to fully amortize the premium over the policy term.
What exactly does CIP cover?
CPI only covers physical damage to the property used as collateral on your loan; it does not provide any coverage for personal property, liability or medical payments.
What is a loss payee?
A loss payee is a clause in an insurance policy that states the payment will be made to a third party creditor rather than to the insured beneficiary of the policy.
As your lender, TFCU must be named as loss payee on your insurance policy.
Will my loan payment go back to the original amount before CPI was added?
Yes, upon receipt of payment for any earned premium amounts, your monthly payment will revert to the original payment.
How many notices does TFCU send before CPI coverage is added to a loan?
Two notices are mailed before CPI is added to your loan.
Once full coverage insurance is received will the CPI coverage premium be refunded back to my account?
The process to remove the CPI coverage will begin once TFCU receives proof of full coverage insurance showing TFCU as the loss payee (lien holder) with a maximum deductible of $1,000.
Upon receipt of payment for any earned premium amounts, your monthly payment will revert back to the original payment.
If I did not have full coverage insurance for the full time period that the CPI coverage premium covers, how is my refund calculated?
You will be required to pay any earned premium amounts for the period you did not have coverage. Once this amount is paid, your monthly payment will revert to the original payment.
What do I need to provide to prove that I have had full coverage insurance on my vehicle and/or loan collateral?
You may provide the Certificate of Insurance or Declarations Page as evidence of your insurance coverage.
Does CPI coverage satisfy the insurance requirement needed to get my car tagged with the tag agency?
No. CPI only provides coverage for physical damage to the property used as collateral on your loan (vehicle, motorcycle, boat or home).
CPI coverage only protects the lender’s interest in your collateral and DOES NOT provide any coverage for personal property, liability or medical payments.
How do you notify an individual that insurance information is needed on a vehicle or there was a lapse in coverage?
Notices are mailed through the U.S. Postal Service to the address we have on record for your account with us.
How can I be sure you received and accepted the proof of insurance I sent in?
You may confirm we have received your evidence of insurance by:
Can I pay extra just to CPI for the insurance on my vehicle?
No, your payment will be increased to amortize the CPI premium over the policy term. You will need to include the monthly amortized premium with your monthly payment amount.
Can I bring in proof of insurance to a branch location?
Yes, an employee at any of our branch locations can accept your proof of insurance and submit it to our Insurance Service Center.
