- Why do I need to provide my insurance information?
- How can I provide you with my insurance information?
- What should I do if I do not have insurance?
- What happens if I do not buy insurance?
- What does "Loss Payee" mean?
- I have insurance; why did I get a letter?
1. Why do I need to provide my insurance information?
As one of the conditions of granting your loan, you are required to maintain Comprehensive and Collision coverage protecting our interest until your loan is paid in full. You will find this requirement in your Loan Agreement. By giving your insurance agent our name and address as Loss Payee, we will generally receive a copy of any change to your coverage. A letter was sent to you because we did not receive a copy of your policy/renewal/reinstatement from your insurance agent or company. We are asking for your help to show us that you have met requirement.
- Fax: 866-663-4680
Schools Financial CU Insurance Center
PO Box 790108
San Antonio, TX 78279-0108
3. What should I do if I do not have insurance?
Since maintaining insurance coverage on your vehicle is a condition of your loan with us, you should contact the insurance agency or company of your choice and purchase Comprehensive and Collision coverage naming us as the Loss Payee.
4. What happens if I do not buy insurance?
If you do not buy your own insurance, we may buy insurance to protect our collateral. The insurance we buy will generally be more expensive than what you can buy yourself. The loan agreement that you signed with us allows us to add the premium for this insurance to your loan and may also increase your payments to cover the cost. The insurance we purchase will primarily cover our interest in your vehicle. It does provide you with basic collision and comprehensive coverage, however may not offer you the protection you can get when you buy your own insurance. The insurance we purchase will not provide liability coverage which the State of California requires you to maintain. We strongly urge you to purchase your own insurance.
5. What does "Loss Payee" mean?
"Loss payee" is used on your insurance policy to refer to the financial institution that you utilized to finance the purchase of your vehicle. Also known as the "Lien Holder" on the title of your vehicle in the event that you had the vehicle financed.
6. I have insurance; why did I get a letter?
A letter was sent because we have not received a copy of your current insurance coverage. Generally, this is handled by your insurance agent or company, but in this case it was not.
One of the reasons we may not have received your insurance policy is that we are not listed as Loss Payee or the address that your insurance agent/company has is incorrect.
You may have received a letter because the insurance policy sent to us did not meet the parameters. Your letter outlines the specific reason and what you should do to correct the situation.
If your letter states your insurance has expired, we have not received a copy of the renewal. If your letter states your insurance has been canceled, we have not received a copy of the reinstatement or policy.