Thank you for choosing MOVFCU for your lending needs!
If you have received a letter from MOVFCU requesting you to submit a current or updated copy of your insurance, below is some helpful information including next steps.
How can I submit my proof of insurance?
Ask your agent to visit this web page and click the "Submit insurance online" link below to upload your decleration page or binder. If you have the information handy, you may also submit coverage by any of the options listed below:
Email: [email protected]
Mail: PO Box 692130 | San Antonio, TX 78269-2130
Why does MOVFCU require insurance?
The collateral for your loan is the vehicle itself, so in the event of a theft or damage, your insurance policy coverage enables MOVFCU to recover some of its losses.
This condition is outlined when granting your loan and is required until your loan is paid in full. This condition may be found in your copy of the MOVFCU Loan Agreement and Disclosures.
What do I need to provide?
Please provide our insurance team with a Decleration Page to document proof of insurance coverage with the following minimum criteria:
- Full coverage (comprehensive and collision) – limited coverage not permissible
- A deductible of $1,000 or less
- Borrower must be listed as the covered driver
- No excluded drivers on policy
- Correct collateral information, including make, model and VIN
- Lienholder must be updated within 30 days of closing
Lienholder information: Missouri Valley Federal Credit Union - PO Box 1543 | Saint Peters, MO 63376
Is a copy of my insurance card ok? No. Unfortunately, while the law requires every driver to carry an insurance card, it is not legally recognized proof of insurance.
I provided proof of coverage, but still received a letter...
Have you recenly changed agents or companies?
Refinanced your vehicle?
Did you verify that all of the criteria above was met, including listing MOVFCU as lienholder?
If you have already provided your insurance decleration page, it is possible that we are still needing more information and we were unable to verify with your insurance agent or company.
Please contact our insurance team to verify next steps:
Toll Free Phone: 1.833.403.2994
Email: [email protected]
You may also fax coverage inquiries or proof of coverage to: 866.728.0664
Unable to provide proof of insurance?
We strongly urge all MOVFCU members to purchase their own vehicle insurance at market rates. If we do not receive proof of insurance on your vehicle, we may provide an alternate form of Collateral Protection Insurance (CPI)* on your vehicle that protects the loan with Missouri Valley Federal Credit Union. The premium for this policy is added to the existing loan and the loan balance will be increased to cover this additional balance owed. If this happens, you will be notified, and at any time during the life of your loan, it can be removed once proper proof of insurance is obtained.
*CPI force-placed insurance only covers our interest in the collateral and does not satisfy legal insurance requirements for drivers.
How do I know when there is a problem with my coverage?
Prior to Missouri Valley FCU placing CPI coverage on a members vehicle, our insurance processing team mails out a minimum of three (3) letters notifying borrowers of any concerns or deficiencies with coverage.