When you finance a vehicle or recreational asset through Firefighters First Credit Union, you are required to maintain comprehensive and collision insurance coverage for the life of the loan. If that coverage lapses or cannot be verified, the credit union may place Collateral Protection Insurance (CPI) on your loan. This page explains what CPI is, how to avoid it and how to submit proof of insurance if you have already received a notice.
What Is CPI?
FICO® Scores are generated using data from your credit report, which is maintained by the three major credit bureaus: Equifax, Experian and TransUnion. Because each bureau may hold slightly different data, your score can vary slightly depending on which bureau a lender pulls from. In general, scores fall into the following ranges:
Auto and Vehicle Loans
When you obtain an auto loan, Firefighters First Credit Union requires that you maintain comprehensive and collision insurance coverage on the vehicle for the life of the loan. This requirement also applies to other secured loans, including recreational vehicles, boats, boat trailers and equipment. If you fail to obtain coverage or allow your insurance to lapse, we may place CPI on your loan.
How to Avoid CPI
You can avoid having CPI added to your loan by maintaining continuous insurance with comprehensive and collision coverage. Your policy must meet all of the following requirements:
- The collateral must be listed on the policy. Your auto insurance policy must include the vehicle’s year, make, model and correct VIN number.
- You must carry comprehensive and collision coverage.
- Comprehensive coverage pays for repairs related to non-collision events, such as theft or weather damage.
- Collision coverage pays for repairs related to damage sustained in a collision.
- Deductibles must not exceed $1,000.
- Firefighters First Credit Union must be listed as the lienholder or loss payee.
What CPI Does Not Cover
CPI does not provide coverage for bodily injury or property damage liability and does not fulfill the requirements of any financial responsibility or no-fault law. Even if CPI is placed on your loan, you are still required to carry your own insurance to meet the legal requirements of your state.
Providing Evidence of Insurance
If you already have coverage and need to submit proof, please note that insurance ID cards are not accepted. A declaration page is required. You can submit your declaration page using any of the following methods:
- Online portal: Use the Reference ID from the letter you received to access your account at firefirstcu.imcovered.com and upload a scanned copy of your declaration page.
- Mail: Send a copy to: Firefighters First Federal Credit Union P.O. Box 60890
Los Angeles, CA 90060-0890 - Email: Send your declaration page to firefirstcu@imcovered.com
- Fax: 888.882.1816
- Phone: 833.389.8972
View Sample Declaration Page »
