Do you have an auto loan with BFSFCU? As the lienholder on your vehicle, we depend on comprehensive and collision insurance to protect our credit union from uninsured loss. The terms of your loan contract require this coverage for the life of the loan. Yet, sometimes members allow their coverage to lapse.
When this happens, a collateral insurance policy is placed on the member's loan with the cost added to the monthly payments. Collateral protection insurance protects the credit union, but does not cover the borrower, and is no substitute for traditional insurance.
You can avoid the added cost of collateral protection insurance by keeping your insurance policy up to date. Should you receive a notice from our Loan Servicing department asking for proof of insurance, we encourage you to respond quickly to avoid any inconvenience. For questions on collateral protection, please give us a call at 202-212-6400. To learn more about available insurance products, please click on the button below.