If you have a collateralized loan with Redwood Credit Union

It is important that we receive acceptable proof of the required insurance or it may become necessary to protect our interest by purchasing a Collateral Protection Insurance (CPI) certificate at your expense. When purchased, this insurance will be added to the balance of your loan and increase your loan payment to include the amortization of the policy premium over the period of one year.

Facts about CPI Coverage:

  • Be aware that CPI is not a substitute for standard insurance.
  • CPI generally carries higher premiums than insurance you can purchase on your own.
  • CPI protects only our interest in your collateral for claims filed by us.
  • More importantly it does not provide any liability coverage for claims made against you.
  • CPI does not satisfy mandatory liability insurance or financial responsibility laws of this or any other state.
  • Vehicles must be insured even if in Planned Non-Operational (PNO) status or in storage.
  • For these reasons, you must provide your own insurance.

Primary insurance requirements:

  • Continuous insurance coverage with no lapses
  • Lender Name named as lien holder or loss payee

Redwood Credit Union
P.O. Box 6104
Santa Rosa, CA 95406

  • Comprehensive and collision coverage (or physical damage) with deductibles not greater than $1,000
  • No excluded drivers
  • No insurance ID cards please ONLY INSURANCE DECLARATION PAGES

You can provide your insurance by mail, fax or Internet.

Redwood Credit Union
Insurance Tracking Center
P. O. Box 6104
Santa Rosa, CA 95406

Fax: 1-877-716-4692 
Phone: 1-866-877-3373 – 24 hour service

www.MyLoanInsurance.com
Note: You can upload insurance documents securely through the website using your reference ID and pin code.