Have additional questions about any of the insurance products? Contact one of our Loan Officers at 503-253-8193 option 3 or email loans@ibewuwfcu.com
Life/Disability/Unemployment Insurance
When life throws you a curveball, be one step ahead with our Auto Loan Protection. Enjoy added security from potential delinquency, default, or foreclosure if a protected life event unexpectedly happens to you.
Protected events include:
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Loss of life, including those caused by acts of war
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Disability, including those caused by acts of war
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Involuntary unemployment
Ask about our loan protection options when you apply for your IBEW & United Workers Vehicle Loan
Mechanical Repair Coverage
Protect your investment and enjoy added peace of mind with Mechanical Repair Insurance. This coverage helps protect you from unexpected repair costs for eligible items covered under your policy.
The premium is paid when your loan is originated and conveniently added to your loan balance, so there’s no separate upfront payment required.
If you sell your vehicle before the policy expires, your coverage may be transferable to the new owner, subject to the terms and conditions of the policy.
Guaranteed Auto Protection (GAP)
Vehicles can depreciate in value quickly—sometimes quicker than you can pay off the loan. This could leave you on the hook financially if your new vehicle is totaled or stolen and not recovered. Ensure you are covered by signing up for GAP.
Our GAP coverage includes $2,500 towards your down payment on a replacement vehicle when financed by IBEW & United Workers within 90 days after your primary insurance company issues a settlement check.
Be sure to ask about GAP when you apply for your IBEW & United Workers Vehicle Loan to learn how this coverage can protect you and your family.
PowerBuy Equity Protection
PowerBuy Equity Protection provides protection against depreciation of the vehicle over time. In the event of a total loss of the vehicle, insurance companies will cover the value of the vehicle at the time of an accident. PEP will pay up to $6,500 of the depreciation lost from the time you purchased the vehicle.
Maintenance Benefit Agreement
Maintenance Benefit Agreement provides the ease of maintaining your vehicle. With oil changes, battery replacement, brake pad replacement and more. With the MBA, it is easier to maintain the vehicle more regularly and help to keep a vehicle on the road longer.
Insurance Verification
Please provide your insurance binder showing proof of insurance and listing IBEW & United Workers FCU as the loss payee.
If we do not receive the required proof of insurance, CPI insurance may be added to your loan and your payment will increase.
If you have a vehicle loan with IBEW & United Workers FCU, you are required to maintain full coverage insurance at all times, with a maximum deductible of $1,000.
CPI, or Collateral Protection Insurance, is added only if you are not able to provide this proof of insurance.
CPI is more costly than regular vehicle insurance, doesn’t cover your liability, and only protects the Credit Union’s interest in the vehicle. If you are billed for CPI, we strongly encourage you to obtain vehicle insurance and then contact the Credit Union.
If you received a letter stating that insurance has been placed on your loan, you can use the link below to track your insurance status or make updates.
To access your information, you will need:
- Your unique identifier number from your CPI letter
- Your ZIP code