What are the insurance requirements for an Auto Loan?
Any auto loan funded by Genisys Credit Union must have the following isurance requirements in place. If the proper coverage is not placed on the vehicle, the credit union reserves the right to force place insurance on your loan.
Auto Loan Insurance Requirements
Auto loans with Genisys Credit Union are required to carry auto insurance (please provide us with proof of insurance coverage with the following minimum criteria – via declaration page or binder):
- Full coverage (comprehensive and collision) – limited coverage not permissible
- Up to $1,000 deductibles allowed
- Borrower must be listed as the covered driver
- No excluded drivers on policy
- Lienholder must reflect Genisys Credit Union, PO Box 436034, Pontiac, MI 48343 within 30 days of loan closing
Providing Proof of Auto Insurance Coverage
It is important to maintain sufficient insurance on your vehicle during the duration of your secured loan. Generally, if you purchased your vehicle from a dealership, this information will be provided to Genisys Credit Union on your behalf. If for some reason we do not receive this information, you may be contacted by mail to help secure proof of insurance.
To provide proof of coverage (please provide declaration page or binder), simply contact our Insurance Services partner – Allied by calling 877-481-6849.
If Unable to Provide Proof of Auto Insurance
If we do not receive proof of insurance on your vehicle, we will provide an alternate form of Collateral Protection Insurance (CPI) on your vehicle that protects the loan itself with Genisys Credit Union. The premium for this policy is added to the existing loan and payments will be increased to cover this additional balance owed. Please refer to your loan documents for information on rate and payment increases. If this happens, you will be notified, and at any time during the life of your loan, it can be removed once proper proof of insurance is obtained.
More Common Car Buying FAQs
- Do I need a down payment or can I get 100% financing to buy a car?
- What things should be considered when buying a NEW car?
- What things should be considered when buying a USED car?
- Can I refinance a car loan I have with another bank?
- Should I lease or finance and buy my car?
- What kind of vehicles will Genisys Credit Union finance?
- Do I need to have great credit to get a car loan?
- Do I need Credit Life and Disability Insurance?
- What other costs should I consider when budgeting for a car?