As the lien holder on your vehicle, we depend on Comprehensive and Collision Insurance to protect the Credit Union from uninsured loss. The terms of your loan contract require this coverage for the life of the loan. Still, sometimes this coverage may lapse.
When this happens, a Collateral Insurance Policy is applied to the loan and the cost is 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 letter from our Insurance Department, asking for proof of insurance, we encourage you to respond as soon as possible to avoid any inconvenience.
For questions about Collateral Protection call us at 703-788-4800.
Need Auto Insurance?
At Apple Financial Services LLC, a wholly-owned subsidiary of Apple FCU, our award-winning agents make shopping for insurance easy. We’ll help you find discounts with national carriers for multiple policies, good drivers, good students, member-only exclusives and more.
Call us at 703-788-4817 to schedule an appointment or get your no cost, no obligation online insurance quote today.