Provide Proof of Insurance
What is Collateral Protection Insurance (CPI)?
St Louis Community’s loan agreements* require that collateral securing auto loans:
- Carry full coverage insurance (comprehensive and collision), with a maximum deductible of $1,000, during the entire term of the loan
- List SLCCU as the lienholder on the policy
Collateral Protection Insurance (CPI) becomes necessary when a member does not provide appropriate proof of the mandatory insurance coverage. It generally carries higher premiums than insurance you can purchase on your own.
CPI covers the loan balance only and does not meet Missouri’s mandatory automobile liability insurance requirements. If an additional CPI policy is added to your loan, your payment will increase to cover the cost of the policy amortized over a 12-month period, as provided in our loan agreement.
If insurance verification is not received, CPI premiums will be added to your loan principal.
ESA is the provider of CPI for St Louis Community Credit Union.
- Family Security Plan
- Life Insurance
- AD&D Insurance
- Auto & Home Owner Insurance
- Provide Proof of Insurance
- Credit Life & Disability
Please contact our Member Care team directly by calling (314) 768-5900 or by emailing us at email@example.com.
*Additionally, sufficient homeowner’s insurance coverage is required on loans secured by real estate.