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CW Insurance Services

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How can I save on insurance?

As a member of CW you are eligible to receive valuable discounts on a variety of insurance products. To learn more about the available products, click the link below for the insurance that interests you:

Trustage Insurance:

*Your rate and availability for insurance products will be subject to underwriting. TruStage life insurance policies contain specific limitations, exclusions, terminations provisions and requirements for keeping them in force. Please see your policy or contact us for full details. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by your credit union. For coverage amounts over $100,000 rates may be higher due to tobacco use. For coverage amounts up to $100,000 Base Policy Number is ICC16-A10a-039. For coverage amounts over $100,000 Base Policy Number is ICC17-SIT-2.

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.

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