Insurance

If you have a vehicle financed at Border Federal Credit Union, you are required to provide proof that you have current and adequate auto insurance. If you fail to obtain or maintain your own insurance, BFCU may purchase insurance to protect our interest in your vehicle; this insurance is referred to as Collateral Protection Insurance or CPI. The cost of the CPI will cause your monthly loan payment to increase and/or extend the term of your vehicle loan. CPI is more expensive than a personal comprehensive and collision coverage and it does not satisfy your state‐mandated liability insurance requirements.

If you have recently added coverage or have changed insurance companies, you may update your records by faxing your proof of insurance coverage toll free to (866) 927-9683 or (830) 774‐0548, Attn. CPI Insurance Department, bringing it to any BFCU location, or updating your information at www.imcovered.com/borderfcu.

It is required that BFCU be listed as a loss payee or Lien-holder as follows:
Border Federal Credit Union
P.O. Box 420728
Del Rio, TX 78842

Sometimes, if a member suffers a total loss of their vehicle, their regular insurance coverage does not pay off the entire balance on the loan. BFCU now offers special insurance to pay off that remaining balance. Be sure to consider this coverage when seeking new or used vehicle financing.

*Certain Restrictions apply, please contact us for more details at (830) 774-LOAN.

Mechanical breakdown insurance can extend the warranty on your vehicle for pennies a day. Members can relax knowing their investment is protected after the factory warranty runs out. BFCU also offers this special coverage. Be sure to consider this coverage when seeking a new or used vehicle financing.

*Certain Restrictions apply, please contact us for more details at (830) 774-LOAN.