What is CPI?

Collateral protection insurance (CPI) protects the financed asset in the event of a loss or damage when a borrower has failed to secure adequate insurance coverage.

AUTO LOANS

When you obtain an auto loan the credit union requires that you maintain comprehensive and collision insurance coverage on the vehicle. Other types of secured loans, such as loans for recreational vehicles, including boats, boat trailers or equipment, may also require that you maintain insurance on the collateral. If you fail to obtain or allow insurance coverage to lapse on your vehicle, we may place CPI on your loan.

HOW TO AVOID CPI ON YOUR AUTO LOAN

You can avoid having CPI added to your auto loan or recreational vehicle loan by maintaining continuous insurance with comprehensive and collision coverage. Here are the things Firefighters First Credit Union requires that you have in place on your insurance policy:

  1. The collateral secured by the loan must be listed on the policy. For example, your auto insurance policy must list your vehicle’s year, make, model and correct VIN number.
  2. You must have comprehensive and collision coverage:
    • Comprehensive coverage pays for repairs associated with non-collision events, some examples could be theft or weather-related damages.
    • Collision coverage pays for repairs associated with damage sustained in a collision.
  3. The deductibles on your policy should not exceed $1,000.
  4. Firefighters First Credit Union should be listed as the lienholder or loss payee for the vehicle:

Firefighters First Federal Credit Union
P.O. Box 691425
San Antonio TX 78269

CPI does not provide insurance coverage for bodily injury or property damage liability and will not fulfill the requirements of any financial responsibility or no-fault law. Even if CPI is added to your loan, you will need to obtain your own insurance coverage to meet the legal requirements of your state.

If you are already covered and just need to provide evidence of insurance the different ways to send in your policy are listed below. Please note that ID cards cannot be accepted as valid proof of insurance, your declaration page is required.

  1. Use the Reference ID listed on the letter you received in the mail to access your account on https://firefirstcu.imcovered.com/ and attach a scanned image of your policy declaration page.
  2. Mail a copy of your insurance policy to the address below:
    Firefighters First Federal Credit Union
    P.O. Box 691425
    San Antonio TX 78269
  3. Email a copy of your insurance declaration page to us at firefirstcu@imcovered.com
  4. Fax a copy of your insurance declaration page to us at 888-882-1816.
  5. Call us at 833-389-8972.

Please do not hesitate to give us a call at 833-389-8972 with CPI questions.