Do I have to obtain insurance on my vehicle loan?

Agreement to Provide Insurance

Yes. As the lien holder on your vehicle, we depend on Comprehensive and Collision Insurance to protect Unitus Community Credit Union from uninsured loss. The terms of your loan contract require this coverage for the life of the loan. Still, sometimes this coverage may lapse.

When this happens, a Collateral Insurance Policy is applied to the loan and the cost is added to the monthly payments. Collateral Protection Insurance protects Unitus Community Credit Union, but does not cover the borrower, and is no substitute for traditional insurance. The effective date of coverage is the later of the date your prior coverage lapsed or 30 days after the date of your loan. You can avoid the added cost of Collateral Protection Insurance by keeping your insurance policy up to date.

Should you receive a letter from Unitus, asking for proof of insurance, we encourage you to respond as soon as possible to avoid any inconvenience. For questions about Collateral Protection Insurance, please call us at 503-227-5571 or 1-800-452-0900.