Collateral Protection Insurance

As part of your loan obligation, you are required to maintain physical damage insurance for the full term of your loan.

If you receive a letter from us regarding your collateral protection insurance, it is because we have not yet obtained acceptable insurance coverage as outlined in our loan agreement. Use the helpful information below to file your Insurance Coverage (for Home, Auto or other collateral).

Click Here to Verify Your Insurance Coverage
To speak to a representative regarding your collateral protection insurance, please call (800) 998-0763. Please have your reference ID number handy. This can be located in the upper right corner of your notice.

What is Acceptable Insurance?
Your Insurance Declaration should show the following:

  • Comprehensive AND Collision Coverage
  • Deductibles for comprehensive and collision (not exceeding $1,000 as set by One CU)
  • One CU listed as loss payee/lien holder as follows:

One Credit Union
Control #1172
PO Box 1764
Carmel, IN 46082

  • Correct collateral description, including the year, make, model and complete VIN
  • Borrower/Insured Name
  • Insurance Company Name
  • Policy Number
  • Coverage effective/renewal date

Should you fail to maintain the required insurance throughout the life of the loan, One Credit Union may (but shall not be required to and without prejudice to its rights if we do not) purchase a policy for our own protection and pass the cost of the policy on to you, the borrower. One Credit Union may, but is not required to, attempt to contact you prior to purchasing this insurance. One Credit Union, at its option, may add the premium to your loan. This may cause an increase to your regular payments.