Tuesday, March 03, 2015 

Frequently Asked Questions

To see the answer of any of the frequently asked questions, click the link for the list of questions mentioned below:
How can I provide you with this information?
I have insurance - why did I get this notice?
What happens if I don't buy insurance?
What should I do if I don't have insurance?
Why do I need to provide my insurance information?
I've changed the mailing address and/or telephone number listed on this notice. How do I let you know of the change?

How can I provide you with this information?
1. You can complete the Insurance Information Form and we will contact your agent to verify your coverage.
2. You or your agent may contact the Insurance Service Center using the number listed on your notice regarding the required insurance information for your account.
3. You or your insurance agent can mail a copy of your current insurance policy to us. Our address is in the upper left-hand corner of the notice we sent.

I have insurance - why did I get this notice?
This notice was sent because we have not received a copy of your current insurance coverage. Generally, this is handled by your insurance agent or company. One of the reasons we may not have received your insurance policy is that we are not listed as Loss Payee, or the address that your insurance agent/company has is incorrect. Our correct Loss Payee name and address are in the upper left-hand corner of the notice we sent. You may have received this notice because the insurance policy sent to us had only liability coverage, not the required Comprehensive and Collision coverage. If your notice states that your insurance has expired, we have not received a copy of the renewal. If your notice states that your insurance has been canceled, we have not received a copy of the reinstatement. If you have insurance with the required Comprehensive and Collision coverage, naming us as Loss Payee, please go to our Insurance Information Form and provide us with your insurance data.

What happens if I don't buy insurance?
If you do not buy your own insurance, we may buy insurance to protect our collateral. The insurance we buy will generally be much more expensive than what you can buy yourself. The loan agreement that you signed with us allows us to add the premium for this insurance to your loan and increase your payments to cover the cost. The insurance we purchase will primarily cover our interest in your vehicle. It will not offer you the protection you can get when you buy your own insurance. The insurance we purchase will not provide liability coverage which the State requires you to maintain. We strongly urge you to purchase your own insurance.

What should I do if I don't have insurance?
Since maintaining insurance coverage on your vehicle is a condition of your loan with us, you should contact the insurance agency or company of your choice and purchase at least Comprehensive and Collision coverage naming us as the Loss Payee. You will find our name and address in the top left corner of the letter we sent to you. There are many insurance agents and companies posted on the Web. To find them, enter the words "auto insurance quotes" in your search engine.

Why do I need to provide my insurance information?
As one of the conditions of granting your loan, you are required to maintain Comprehensive and Collision coverage protecting our interest until your loan is paid in full. You will find this requirement in your Loan Agreement. By giving your insurance agent our name and address as Loss Payee, we will generally receive a copy of any change to your coverage.

A letter was sent to you because we did not receive a copy of your policy renewal or reinstatement from your insurance agent or company. We are asking for your help to show us that you are meeting this requirement. If you have insurance with the required Comprehensive and Collision coverage, naming us as Loss Payee, please go to our Insurance Verification Form and provide us with your insurance data.

I've changed the mailing address and/or telephone number listed on this notice. How do I let you know of the change?
Please call the loan department to report the change.

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