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