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Collateral Protection Insurance
Provide Security For Your Family With Del-One's Insurance Programs
Collateral Protection Insurance (CPI)
What is CPI and why is it necessary?
At the time a member gets a collateralized loan with Del-One, a security agreement is signed that requires comprehensive and collision insurance to be maintained on the collateral for the life of the loan. The agreement also requires that the credit union be named as a lien holder or loss payee on the Declaration of Insurance Coverage form. If a member does not provide acceptable proof of insurance coverage, this insurance protects the credit union’s interest in the collateral by applying collateral protection insurance to the loan. Collateral Protection Insurance covers the credit union’s interest in the collateral only. The premium for this insurance is added to the balance of your loan. This insurance does not protect any driver of the vehicle, does not provide liability insurance required by the State, nor does it provide any medical or no fault coverage.
How Can I Avoid CPI?
Members must provide the credit union’s authorized agent, CUNA Mutual Insurance and/or State National Companies, proof of insurance showing Del-One as the lien holder and loss payee throughout the life of the loan. Insurance must show comprehensive and collision insurance. The only acceptable proof of insurance is either a Binder of Insurance or Declaration of Insurance Coverage form.
What should I do if I get a letter saying you don’t have my proof of insurance for my loan?
- You can click on the links to the right and enter the necessary information to update your insurance information, OR
- For Home Equity Loans - You can have your insurance agent call CUNA Mutual, our authorized agent, at (800) 366-2450 and they will ask your agent information about the collateral and policy #
For Motor Vehicle Loans – You can have your insurance agent call State National, our authorized agent, at (888) 396-9054 and they will ask your agent information about the collateral and policy #, OR
- Your agent or you may fax a copy of your Declaration of Insurance Coverage form to:
CUNA Mutual at (800) 847-3144 (Home Equity Loans)
State National at (877) 253-9801 (Motor Vehicle Loans)