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What is Collateral Protection Insurance (CPI)?

April 26, 2017collateral CPI Insurance

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What is Collateral Protection Insurance (CPI)?

2 Answers

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If the credit union is holding the title to your vehicle as collateral for a loan, we require that you provide insurance. If you do not provide proof of insurance, the credit union will add Collateral Protection Insurance to your loan. CPI is very expensive, and covers the value of the vehicle only. It does not cover liability and it is not valid insurance as required by North Carolina law for all motorists. It will only reimburse the credit union in case of an accident. Click [here] for more information.

0

Posted

If the credit union is holding the title to your vehicle as collateral for a loan, we require that you provide insurance. If you do not provide proof of insurance, the credit union will add Collateral Protection Insurance to your loan. CPI is very expensive, and covers the value of the vehicle only. It does not cover liability and it is not valid insurance as required by North Carolina law for all motorists. It will only reimburse the credit union in case of an accident.