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Who is MyInsuranceInfo?

MyInsuranceInfo is an insurance verification service that partners with your financial institution to help make sure your information is up to date and you’re sufficiently covered. Through a simple and secure online process, we help you provide proof of insurance for your loan. To learn more about MyInsuranceInfo read this helpful article.

Why did I get this letter in the mail?

You received the notice from your financial institution because we need to verify that your collateral, such as a car, home, boat, or RV, is covered by insurance. When you take out the loan, your loan agreement requires you to maintain a certain level of insurance coverage for the life of the loan. If you want to find out more about what could’ve triggered the notice, you can read more in this article.

Did I do something wrong?

There is a miscommunication regarding your insurance coverage that MyInsuranceInfo is here to help resolve. To verify you have sufficient insurance coverage on your loan, complete the quick and secure MyInsuranceInfo verification process. To get more details on MyInsuranceInfo, read this quick guide.

How did you get my contact information?

MyInsuranceInfo helps financial institutions make sure all loans are sufficiently insured. We received your information from the financial institution that provided you with your loan.

Is this a scam?

MyInsuranceInfo is not a scam. We securely track insurance coverage on behalf of your financial institution and help to maintain up-to-date insurance information. We help thousands of people complete this simple and secure verification process every month. To learn more about MyInsuranceInfo, read this article.

How long does insurance verification take?

Your submission process on the website shouldn’t take more than 5 minutes to complete. Once we receive your insurance information, we will send you a confirmation email. From there, the verification process will be completed within 2-3 business days. You will then receive another email confirming that either no further action is required or that we need a little more information. If more information is needed, you will be provided with further instructions and a phone number to call.

What information am I going to need to verify my insurance?

While it varies slightly depending on the type of collateral you’re insuring (home vs. car, for example), in most cases we need you to provide:

  • Your unique reference ID
  • Insurance carrier name
  • Policy number
  • Effective date of policy
  • Deductible amount(s)
  • Confirmation that your financial institution is listed as lienholder

This information can be found on the declarations page of your insurance policy document. Read more about the MyInsuranceInfo verification process here.

What are vehicle insurance policy documents?

Your insurance policy documents outline the details of your insurance coverage. The declarations page is the summary page of these documents, containing your policy’s coverages, limits, and deductibles. You can also find your agent contact information on your insurance policy.

Where is my reference ID?

You can find your unique reference ID in the upper right-hand corner of the letter you received in the mail or within the email you received from your financial institution.

Where do I find my VIN (Vehicle Identification Number)?

There are several places where the VIN may be located physically on your car, depending on your vehicle’s make and model. Common places include the driver’s side dashboard or on a sticker inside the driver’s side door. The VIN may also be found on your vehicle’s insurance card or vehicle title (DMV) records.

Am I getting charged?

It depends. If you have not had a lapse in coverage, meaning you have maintained sufficient coverage from the time you took the loan out until now, then you will not be charged. If you have had a lapse in sufficient coverage as listed your loan agreement, there’s a chance you’ll have CPI placed on your loan. Completing this verification process will help you clarify what your options are. Consult this article to learn more about CPI.

What is CPI, and why do I have it?

CPI, also known as Collateral Protection Insurance, Collateral-Placed Insurance, or Force-Placed Insurance, is a form of insurance used by lenders when insurance coverage doesn’t meet the requirements of a loan agreement, such as insufficient protection or a lapse in coverage.

CPI is not full insurance coverage and shouldn’t be considered a long-term solution. Luckily, it is easy to remove. Once you verify sufficient insurance coverage through the MyInsuranceInfo portal, CPI will be removed immediately. You can read more about CPI in this article.

Can I get CPI waived?

All of these decisions are dependent upon your financial institution. Contact your financial institution’s local branch to ask about their CPI policies.

Can CPI be refunded if I had insurance all along?

If you have had the appropriate coverage all along and accidentally paid a CPI charge from your financial institution, you may be able to get a refund from your financial institution. Once you have completed the MyInsuranceInfo verification process, you should contact your financial institution’s local branch to ask about specific refunds.

I submitted my information. What happens next?

If you provided an email address when you submitted your information, you will receive a confirmation email to that address. On our end, your information will be reviewed and processed, and we will update it on your loan. This process will be completed within 3 business days. If any further action is required, we’ll send you an email with a phone number to call. 

If you’ve been unnecessarily charged or CPI was placed on your loan, we will let you know why. If you mistakenly paid for CPI in error, your lender will correct that with you.

My lapse in coverage was a while ago. Why am I getting charged today?

After the lapse in coverage, your financial institution contacts you multiple times, via mail or email, asking you to confirm insurance coverage through the MyInsuranceInfo portal. After sending notices and time to complete the request, your lender retroactively places the CPI coverage on your account. This process of reaching out can take time, which is why you didn’t see an immediate charge.

I thought I took care of this. I gave my insurance to someone already.

There are a lot of people involved in the insurance process and sometimes mistakes happen. Even if you have already provided your insurance information to someone, submitting your insurance information through the MyInsuranceInfo portal is the most efficient way to connect the dots for all parties involved.

How do I know if I have the right coverage?

You can find the exact coverage requirements on your loan agreement documents. If you don’t have a copy of your loan agreement, you can always call the lender that gave you the loan. They should be able to tell you how much coverage you need.

How much time do I have to provide my proof of insurance? When is my deadline to provide it?

Try to provide your proof of insurance coverage as soon as possible. Doing so will help clear up any miscommunication that may have occurred and ensure you’re properly covered. If you do not provide proof of insurance, you will continue receiving notices from your financial institution and run the risk of being charged for CPI. To learn more about CPI, read this in-depth article.

I already submitted my verification, why did I receive another letter?

There are a lot of moving parts to the verification process, so, unfortunately, this happens sometimes. It could be that we didn’t receive the renewal right away, which means your status switches to “expired” even when it’s not. Or maybe something changed since the last time you provided your insurance information. Other times, there’s just bad timing with the letters. Regardless, the fastest way to handle this situation is to re-complete the verification process. We’re sorry to have you do it again, but it will only take 5 minutes. Thank you!

I did this same thing before, why do I keep getting more letters?

This will happen if you switch or renew your insurance coverage annually, but we don’t find out right away, or if your lender doesn’t receive the payment exactly on time. Regardless of cause, the fastest way to get this taken care of is to complete the 5-minute verification process again. To learn more about why you receive these letters, read this article.

What is a lienholder and why does it need to be listed on my insurance policy?

A lienholder is a party that has a legal interest in your property until you pay it off in full. The lender — which can be a bank, financial institution or private party — holds a lien, or legal claim, on the property because they lent you the money to purchase it. It is important for the lienholder to be listed on your insurance policy so they can remain informed of any changes to your coverage.

Why didn't anyone tell me about this?

Your loan agreement should explain the details around the type of insurance coverage you need. Your lender explains this during the loan process. However, if you need more information, you can browse our resources or contact your financial institution directly.

Why didn't you just call me?

You’re busy, and schedules can be tough to line up for a phone call. We send emails and letters so you can take care of things at your own pace. The secure MyInsuranceInfo portal allows you to complete the verification process at a time that is convenient for you.

What happens if I don’t verify my insurance?

If you don’t verify your insurance, you might get CPI coverage force-placed on your account. CPI is an incomplete and expensive form of coverage only intended to insure the collateral, not you or anyone else potentially involved in an accident. Fortunately, the verification process should only take you 5 minutes, and then you can avoid CPI while making sure your collateral is protected.

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