How can I save on insurance?
What is CPI/Forced Insurance?
Collateral Protective Insurance (CPI) is a policy taken out by the credit union to protect our interest in the asset you have offered as collateral for a loan. If you fail to provide proof of insurance for your vehicle, we may place insurance coverage on your behalf. Keep in mind that this is NOT legal driving insurance. This insurance only covers the collateral. It will not cover damage to other property, medical expenses, or legal expenses resulting from an accident. Additionally, it is typically more expensive than purchasing your own insurance and will increase your monthly loan payment until you have obtained adequate insurance coverage.
What is GAP Insurance?
Guaranteed Asset Protection (GAP) insurance, is a coverage obtained by the owner of the vehicle. It is typically purchased at or near the time the vehicle is financed. GAP insurance will normally cover up to 120% of a vehicles book value, in the event of an accident resulting in a total loss. For example, if your vehicle is valued at $10,000 at the time of a total loss accident, GAP insurance would cover up to $12,000. If at the time of the accident you owed a payoff balance of $11,000 and your insurance company only pays $10,000, the GAP insurance will pay off the remaining $1,000 loan balance.
GAP insurance is worth considering for any vehicle loan that does not have equity or is expected to depreciate quickly (high mileage, negative trade equity roll over, financed for an extended term).
GAP insurance is typically offered at dealerships and is also available for purchase from CommunityWide. Contact us today to check the value on your vehicle and see if GAP would be a valuable addition to your loan.
Check your vehicle value!
What is Credit Life/Disability Insurance?
Life and Disability insurance are products offered to help you cover your monthly loan payment in the unfortunate event of a covered injury or death. The premium for this insurance is included in your monthly loan payment and remains in effect until canceled or you are no longer eligible for coverage due to age or other determining factors. Contact us for information on coverage limitations and don't forget to ask about credit life and disability when you sign for your new loan.
Accidents can happen anytime. Don’t leave them unprepared.
Your untimely accidental death could leave your family with long lasting financial burdens. Accidental Death & Dismemberment insurance can help give them a safety net.
How does it work?
As a member of CommunityWide Federal Credit Union you are eligible to enroll for $2000 of no-cost TruStage® Accidental Death & Dismemberment Insurance underwritten by CMFG Life Insurance. AD&D insurance can pay a cash benefit to your beneficiary if you die in an accident or suffer a serious injury.
Once you enroll, AD&D insurance pays a cash benefit to your beneficiary if you die from an accident or you are seriously injured. Credit union members ages 18 and over can also choose to increase their protection (Member Only Plan) or their family's (Family Plan) with up to an additional $300,000 in coverage.
Acceptance is guaranteed and there are no medical questions.
Enroll today at www.TruStage.com/ADD
TruStage® AD&D Insurance is offered by TruStage Insurance Agency, LLC and underwritten by CMFG Life Insurance Company. The insurance offered is not a deposit and is not federally insured or guaranteed by your credit union. Base Policy Series E10a-014-2012, E10a-ADD-2012 and E10a-015-2012.
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