What is Collateral Protection Insurance (CPI)?
Collateral protection insurance (CPI) is insurance Everwise purchases to ensure that the collateral securing your loan is adequately insured, protecting both Everwise and you from potential financial loss.
The types of collateral covered under the CPI policy include automobiles, RVs, and motorcycles.
If it's determined that the collateral for your loan requires CPI, you will be notified via mail, email, and text. You can access more information through Mobile and Online Banking, or by visiting your nearby branch.
Steps you can take to avoid CPI
If you receive a CPI notice, you should provide proof of your own insurance coverage showing Everwise Credit Union listed as the loss payee to avoid us purchasing CPI on your behalf. If you already have adequate insurance, simply submit the relevant documents online at myinsuranceinfo.com.
In addition to the web address above, your CPI notice will include a phone number to call if you have any questions. Please make sure to reference the Control Number on your letter when entering your information on the website or when calling MyInsuranceInfo.
What if you don't provide proof of insurance?
If you don't provide proof of insurance, Everwise will purchase CPI and add the cost to the your loan balance, which will increase your monthly payment. The cost of CPI is a flat premium set by the lender and its insurance provider, and is not based on the value of the vehicle. CPI charges will appear as a separate line item on your loan statement.
About MyInsuranceInfo
We partner with MyInsuranceInfo to ensure that our members have a simple and secure way to keep their insurance information updated. You can learn more about MyInsuranceInfo or get answers to any questions you have by calling (800) 998-0762.
