If you have an automobile, motorcycle, or RV loan, you must maintain insurance providing coverage for all risks of sudden and accidental loss or damage to your vehicle. Insurance policies must include:
- A maximum deductible of $1,000 for collision and comprehensive coverage
- Bay Federal Credit Union listed as lien-holder/loss payee
You may submit a copy of your insurance declaration page (insurance cards are not acceptable proof of insurance) to any Bay Federal branch, or you may fax it to 831.465.1787 or 1.877.308.6102. You may mail your insurance declaration page to Bay Federal Credit Union, P.O. Box 790628, San Antonio, Texas 78279-0628, or you can upload a copy of your policy to https://www.imcovered.com/bayfed (please have your auto loan number and loan date available). If you have already received a notice from Bay Federal’s Insurance Processing Center please have your unique identifier code available.
If you fail to provide the required proof of insurance, Bay Federal may purchase insurance on your behalf. Lender purchased insurance may cover only the lesser of the lender’s interest in the collateral (the loan balance), or the value of the collateral and may not provide any public liability or property damage indemnification. In addition, the amount of any lender placed policy will increase your overall loan balance, total interest charged, and could cause monthly payment increases.