What is Collateral Protection Insurance?

Collateral Protection Insurance (CPI) pertains to a situation that occurs when your vehicle insurance changes or lapses during the life of a vehicle loan you have with Langley Federal Credit Union. LFCU will notify you about this condition.

Why CPI?

Your Loan Agreement requires that you maintain insurance covering physical damage to protect the credit union's interest in your collateral. Your signed Loan Agreement allows Langley Federal Credit Union to purchase Collateral Protection Insurance, and add the premium for it to your loan balance, if you do not obtain or maintain insurance coverage. In some cases, the credit union can also increase your payments to cover the cost of the insurance.

What Else You Can Do

If you receive a letter from Langley Federal Credit Union stating that we do not have your insurance information, you can visit "myinsuranceinfo.com".

At that site, you can provide your insurance information, and avoid more costly Collateral Protection Insurance.

CPI Can Be Expensive

Usually, when CPI is purchased on your behalf, the cost is considerably higher than you might pay on your own. Therefore, we encourage you to get coverage through Langley Financial Insurance Agency* or another insurance provider.

It is important to inform your agent or agency to name Langley Federal Credit Union as "Loss Payee/Lienholder". The mailing address for insurance verification purposes is:

  • Langley Federal Credit Union
    PO Box 7463
    Hampton, VA 23666-0463

Be Aware Of What CPI Does

Please remember, CPI only protects Langley's interest in your collateral. It does not protect your interest or equity in the collateral. It will not provide bodily injury or property damage liability coverage, nor meet any state financial responsibility or no-fault laws. CPI will not provide medical insurance, uninsured motorist, or underinsured motorist coverage.

Save money! Call (757) 224-4775 for your no obligation quote.

* Langley Financial Insurance Agency is licensed to sell and solicit property & casualty insurance products to Virginia residents only.