Have you received a CPI notice? Here’s why.
Upload your insurance info here. Adequate proof of insurance includes:*
*Please see Insurance Requirements listed below.
Get a free quote from Global Credit Union Insurance Brokers.
Collateral Protection Insurance (CPI) is insurance the credit union has purchased due to a lack of insurance or inadequate coverage in the current insurance.
The Retail Installment Sale Contract (RISC) that was signed, authorizes the credit union to purchase insurance to protect its security interest in the collateral.
CPI is only designed to protect the credit union’s interest in the collateral and may not meet minimum state-specific insurance requirements.
The current CPI program premium is $95 + any applicable interest, which is added to your monthly payments.
Yes, when CPI is added it increases your monthly payments by $95 plus any applicable interest.
A refund can be requested by submitting acceptable proof of insurance for the duration of the lapse in coverage through the Add your info link above. If your vehicle did not have acceptable insurance coverage for the entire month, a refund cannot be issued, and the CPI premium must be paid. Refunds are processed and paid, if approved, within 7 to 10 business days.
If a document that contains all Insurance Requirements (see list above) is provided, it should take 7 to 10 business days for the account to update.
Any questions regarding CPI can be directed to Global's CPI team by phone at 1-800-992-2810 or 907-646-6998, or by email at SCCPI@globalcu.org.
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