Collateral Protection Insurance (CPI)
How to Provide Insurance Information
If you receive a letter from Langley 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.
What is CPI?
CPI - Collateral Protection Insurance - pertains to a situation that occurs when your vehicle insurance changes or lapses; or your title does not name Langley FCU a lienholder during the life of a vehicle loan you have with Langley Federal Credit Union. Langley 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 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
P.O. Box 120128
Newport News, Virginia 23612
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, or meet any state financial responsibility or no-fault laws. CPI will not provide medical insurance, uninsured motorist, or underinsured motorist coverage.
Get insured! 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.
Langley Insurance Agency (Langley Financial Services, LLC) is an affiliate of Langley Federal Credit Union (LFCU). Business conducted with Langley Insurance Agency is separate and distinct from any business conducted with the credit union. Remember that any insurance required as a condition of the extension of credit by LFCU need not be purchased from Langley Insurance Agency, but may, without affecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice.
Insurance products are not deposits of LFCU and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. If you have any concerns or complaints regarding this relationship, you may contact the VA Office of Consumer Affairs, or the insurance department of your state. For information on how to contact them, you may call us.