Collateral Protection Insurance (CPI)

  • Overview

When you have a loan with Redwood Credit Union (RCU), providing proof of insurance (on the auto or home) is a requirement. If proof of insurance isn’t offered to your RCU lending agent at the time your loan is funded, collateral protection insurance (CPI) is automatically added to your loan at your expense. This covers the asset but not liability, and so does not meet California’s legal requirements as proof of auto insurance.

How to Avoid Unnecessary CPI Charges on Your Loan

While your agreement with RCU requires continuous insurance against physical damage losses for the term of the loan, you can avoid CPI charges by simply providing a copy of your insurance coverage for your home, auto, motorcycle, RV, trailer or boat. And because we care about your financial health, we hope you proactively do so to save yourself money!

Provide us with your policy declarations

Select your loan type below and use the Upload Documents button to add your loan documents.

Vehicle Loans

Upload Documents

For mail, fax or email submission, click here.

First Mortgages

Upload Documents

For mail, fax or email submission, click here.

Second Mortgages

Upload Documents

For mail, fax or email submission, click here.

If you’d like to confirm receipt of your uploaded documents, please call 1 (866) 877-3373 for vehicle loans and second mortgages/home equity loans or 1 (866) 669-8615 for first mortgages.

If Redwood Credit Union doesn’t receive acceptable proof of the required insurance, it may become necessary to protect our interest by purchasing a collateral protection Insurance (CPI) certificate at your expense. Please be aware that CPI is not a substitute for standard insurance and generally carries higher premiums than insurance you can purchase on your own. CPI is designed to protect only our interest in your collateral for claims filed by us as the creditor for physical damage or loss caused by covered collision and comprehensive casualties, and therefore may not pay for claims you make. Even more importantly, it does not provide any liability coverage for claims made against you and does not satisfy any mandatory liability insurance or financial responsibility laws of this or any other state. For these reasons, we encourage you to provide your own insurance.

Vehicle Loans

Mail:
Redwood Credit Union
PO Box 6104
Santa Rosa, CA 95406
ELT #U94

Fax: 1 (877) 716-4692

Email: proofofinsurance@redwoodcu.org

First Mortgages

Mail:
Redwood Credit Union
ISAOA
PO Box 961292
Fort Worth, TX 76161-0292

Fax: 1 (855) 640-4865

Email: insurancedocs@ihaveinsurance.com

Second Mortgages

Mail:
Redwood Credit Union
PO Box 6104
Santa Rosa, CA 95406

Fax: 1 (877) 716-4692

Email: proofofinsurance@redwoodcu.org

What is an Insurance Policy Declaration?

Your insurance policy declaration is the front page (or pages) of your insurance policy that includes your personal information, details about the insured home or vehicle, policy limits, deductibles, and other key information that varies from insured to insured. Your declarations page should also show Redwood Credit Union listed as a lien holder or loss payee. You may be able to obtain a PDF through your insurance carrier’s website if you have an online account. You can also scan or photograph a paper copy, or you can ask your agent to send you a copy.

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Redwood Credit Union serves anyone living, working or owning a business in California’s Northern Bay Area, which includes the counties of Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Contra Costa and Solano. We look forward to serving you!

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