Nice vehicle! Is it insured?
Congratulations on your new wheels, financed by STCU! If you have yet to do so, please ask your insurance agent to immediately provide "proof of insurance," which is required as part of your loan agreement with the credit union.
To submit your proof of insurance online: use the reference number and personal identification number (PIN) included on your MyLoanInsurance welcome letter. Your PIN is good for 90 days. If your letter is unavailable, call (866) 600-8767.
What is proof of insurance?
Proof of insurance is the documentation, often issued as an insurance binder, that we require with your loan agreement to prove that your vehicle is adequately insured against theft or damage. This is not the same as a proof of insurance card.
The binder must come directly from your insurance agent or company, or they may provide the binder to you to pass along to STCU. Click on the "Submit insurance" button to provide your binder online.
Your insurance binder must include the following:
- List STCU as the lienholder/loss payee. Our address is: 1620 N. Signal Drive; Liberty Lake, WA 99019.
- Include your comprehensive and collision coverage, with deductibles of $1,000 or less.
- List your vehicle as collateral exactly as it's listed on your loan document.
- List your policy number, policy period, and the insurance provider's name.
Why is proof of insurance required?
The collateral for your loan is the vehicle itself, so in the event of a theft or damage, your insurance policy enables STCU to recover some of its losses.
STCU requires all borrowers — including its own employees! — to provide proof that the vehicle is insured. Otherwise, the credit union would have no way to recover money lent to you to purchase the vehicle in the unlikely event that your vehicle is stolen or damaged.
How do I show proof of insurance?
Proof of insurance, often provided as a temporary insurance binder, must originate from your insurance company. Here are various ways for your insurance company or agent to quickly provide proof of insurance to STCU:
- Ask your agent to come to this web page, and click the "Submit insurance" button to upload your binder. (Your agent will need the reference number and PIN shown on your MyLoanInsurance welcome letter. If your letter is unavailable, call the number below.)
- Email your binder to firstname.lastname@example.org. (Email attachments must be in one of these formats: PDF, PNG, TIF, or JPG.)
- Fax your binder to (877) 401-2172.
- Or mail a copy of your binder to: STCU, P.O. Box 924515, Fort Worth, TX 76124.
If you have questions, please call (866) 600-8767.
Can I use my insurance card as proof?
No. While the law requires every driver to carry an insurance card, it is not a legally recognized proof of insurance. Please ask your insurance agent to complete the steps described above to provide proof of insurance directly to STCU.
What happens if I do not provide proof of insurance?
We strongly urge all STCU members to purchase their own vehicle insurance at market rates.
However, if we do not receive your proof of insurance within 60 days of your vehicle purchase, the credit union may purchase an insurance policy for your vehicle, which typically is more expensive than you could buy for yourself.
You will be required to pay for this lender-placed insurance policy. Sometimes known as "collateral protection insurance," this insurance provides no coverage for damages or other protection to you as the borrower. In addition, the credit union could charge you for lapsed insurance coverage. That's why STCU urges you to take time to provide your proof of insurance as soon as possible!
Insurance is being purchased for me. What should I do?
If your insurance agent has recently provided STCU with proof of insurance, please contact STCU to cancel the insurance policy that was purchased for you.
If you have yet to provide the proper proof of insurance to STCU, we recommend purchasing insurance from a qualified insurance company as soon as possible, then ask your agent to provide proof of insurance to STCU, as described above. STCU can, at that time, cancel the insurance that was purchased for you.
Without your proof of insurance, as described above, STCU will not cancel the insurance policy that was purchased for you. You will be required to pay for this policy until you purchase your own vehicle insurance and provide the proof of insurance binder from your insurance company.