Know More About the Insurance Required on Your RBFCU Auto Loan

The Collateral Protection Insurance (CPI) tracking program allows RBFCU to monitor insurance coverage on collateralized loans. When we determine that the collateral does not carry adequate insurance coverage, the program works with members to establish proper coverage through their insurance carrier. If the member does not provide RBFCU with proof of coverage, RBFCU will force place a CPI policy covering the collateral against physical damage and theft.

RBFCU partners with SWBC to monitor insurance coverage among all the top insurance carriers in the country. We determine insurance by the collateral, not the member, meaning the member must list the collateral on an active comprehensive insurance policy.

The CPI policy provides member and lender collateral coverage against physical damage and theft with an insurance deductible of $500.

Members can provide their insurance policy declaration page for their auto loan through:

• Email: rbfcu@imcovered.com
• Fax Number: 1-888-453-0683
• ImCovered website: https://rbfcu.imcovered.com
• Mail:
  RBFCU
  Attention: Insurance Group
  P.O. BOX 690127
  San Antonio, TX 78269-0127
• Phone: 1-833-482-4577

RBFCU requires members with an auto loan to maintain a comprehensive insurance policy, which includes coverage that protects against damage to the vehicle caused by non-collision events outside of members’ control. This includes theft, vandalism, glass and windshield damage, fire, animal accidents, weather, or other acts of nature. RBFCU also requires that the policy names RBFCU as a loss payee and lienholder.

As of April 1, 2025, a monthly CPI policy will cost $140. RBFCU adds this premium to the member’s auto loan balance each month we confirm that the member does not have an active comprehensive policy protecting the collateral. If the member has multiple underinsured auto loans, the monthly CPI policy will be added to each auto loan separately.

The monthly auto loan payment will not change with a CPI policy, but RBFCU adds the premium to the loan balance and the member must pay the loan in full before the lien is released on the collateral. Since RBFCU adds the CPI premium to the loan balance, this could result in a balloon amount due at the end of the loan.

RBFCU notifies members by mail that a CPI policy has been added to their loan and that letter will detail the coverage terms. Members will also see the $140 premium added to their loan balance.

To speak with RBFCU Collection Support, members can call 800-580-4147.

This happens when RBFCU confirms that no active policy on the collateral exists, and the member has not taken the requested action to insure the collateral properly within the following timelines based upon the scenarios:

• Members with expired, canceled, or insufficient coverage have 42 days to provide proof of coverage to RBFCU
• Members with new loans have 70 days from the booking date to provide RBFCU with proof of coverage
• RBFCU is not listed as lien holder or loss payee
• The member does not carry collision coverage on the collateral, they opt to carry liability only
• The member provided an ID card instead of an insurance declaration page

An Insurance Policies Declaration page summarizes the policy's key details, which RBFCU needs when we confirm that the collateral financed by RBFCU has adequate insurance coverage. The Policy Declaration page must include the following information:

• Agent contact information
• Coverage — types and items coverage
• Coverage dates
• Deductible
• Limits
• Policy number
• Premium

GAP may not cover the cost of the CPI premiums because RBFCU adds the CPI fees to the loan balance. Depending on how many premiums RBFCU adds to the loan, this process may affect future GAP settlement amounts, potentially resulting in an insurance deficiency.