What is Collateral Protection Insurance?

If you have a collateralize loan with Redwood Credit Union

It is important that we receive acceptable proof of the required insurance or it may become necessary to protect our interest by purchasing a Collateral Protection Insurance (CPI) certificate at your expense. When purchased, this insurance will be added to the balance of your loan.

Facts about CPI Coverage:

Be aware that CPI is not a substitute for standard insurance.
CPI generally carries higher premiums than insurance you can purchase on your own.
CPI protects only our interest in your collateral for claims filed by us.
Vehicles must be insured even if in Planned Non-Operational (PNO) status or in storage.
For these reasons, you must provide your own insurance.

Primary insurance requirements:

Continuous insurance coverage with no lapses
Lender Name named as lien holder or loss payee

First Mortgages
Redwood Credit Union
Its Successors And/Or Assigns
PO Box 961292
Fort Worth, TX 76161-0292
Loan#: {always include RCU Loan Number here}

Vehicle and Second Mortgages
Redwood Credit Union
Its Successors And/Or Assigns
PO Box 390447
Minneapolis, MN 55439-0447

Comprehensive and collision coverage (or physical damage) with deductibles not greater than $2,500
No insurance ID cards please ONLY INSURANCE DECLARATION PAGES

You can provide your insurance by mail, fax or Internet.

Redwood Credit Union
van Wagenen
P. O. Box 390447
Minneapolis, MN 55439-0447

Fax: "Flood" 833-671-2122 | "Auto" 833-671-2121*
Phone: "Flood" 888-491-5114 | "Auto" 888-739-5882
https://rcuinsuranceservices.com/upload