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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

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