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 can upload a copy of your insurance policy by visiting www.myinsuranceinfo.com. You may also submit your policy over the phone by calling toll-free 1.800.998.0652 or by mailing a copy of your insurance declaration page to Bay Federal Credit Union (ISAOA/ATIMA), P.O. Box 2086, Carmel, IN 46082. You may also submit a copy of your insurance declaration page to any Bay Federal branch.
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.