Collateral Protection Insurance
Collateral Protection Insurance
We want to protect you and your investment. That’s why we require proof of insurance on your collateral (vehicle) until the loan is paid off. If you fail to provide us with proof of insurance, we have the right to purchase Collateral Protection Insurance (CPI) on your collateral (vehicle) at your expense.
- CPI doesn’t give you liability coverage
- Automatically renews each month
- Premium and interest is added to loan payment
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Auto Loans
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Learn MoreBenefits & Discounts
Learn MoreFrequently Asked Questions
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What type of loans require CPI?
Auto Loans without proof of insurance will require CPI.
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How much does CPI increase my loan payment?
When CPI is placed on a loan, the payment increases by $65 per month.
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Is CPI the same as normal car insurance?
CPI coverage is not the same as normal car insurance. It only covers OE Federal’s investment. In the event of an accident, you may be liable for all bills and debts. You also run the risk of losing your license or having your vehicle impounded for driving without insurance.
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How do I provide proof of insurance?
You can provide proof of insurance to OE Federal in one of four ways:
- Email: [email protected] Please note: This is an automated email account and emails with file attachments in PDF, PNG, TIF, or JPG formats can be accepted.
- Fax to: 1.877.889.8771
- Upload to: myloaninsurance.com/oefederalcreditunion
- Mail to: OE Federal Credit Union Insurance Tracking Center P.O. Box 924686 Fort Worth, TX 76124
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What does my insurance have to include?
Your insurance must include the following:
- Continuous insurance coverage with no lapses
- OE Federal Credit Union named as lien holder or loss payee
- Comprehensive & collision coverage with deductibles not greater than $1,000
Please note: An insurance ID card is not adequate evidence of the required physical damage insurance.
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Who can I contact if I have questions?
If you have questions about Collateral Protection Insurance (CPI), please contact State National at 866.280.0693.
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Do you have any suggestions for insurance?
OE Federal Credit Union partners with TruStage Auto and Home Insurance. If you are interested in a quote, please call 888.531.1256.