Auto and Mortgage Insurance Info - State National

What you need know after signing your auto or mortgage loan documents


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Foothill Federal Credit Union P.O. Box 25586, Fort Worth, TX 76124

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What is the purpose of CPI?

CPI protects against loss to collateral from physical damage.

Why is collateral protection insurance (CPI) added to a loan?

A borrower agrees to provide physical damage coverage insurance for the term of the loan contract and when he or she fails to do so, your financial institution may purchase CPI to protect its interest in the collateral.

Why is CPI premium expensive relative to regular insurance premium?

CPI premium is based on the balance of the loan contract. It is not underwritten based on age, driving record, high-risk vehicles, etc. Therefore, all CPI certificates are considered high-risk, usually resulting in premiums more expensive than insurance obtained by the borrower.


MYLOANINSURANCE.COM is customized to the needs of borrowers. gives every visitor to this password-protected site the ability to view transactions, periods of insurance coverage, lapses, when notices were sent and more. Additionally, your borrowers can upload insurance directly to SNC via This technology improves customer service levels and provides borrower access 24 hours a day.




It is State National Companies’ goal to protect your loans from losses due to uninsured or inadequately insured collateral. Therefore, the following six insurance policy requirements must be met:

  1. Named Insured - The name of the insured will often match the borrower’s name on the loan. Named insured may not match if there is a co-signer, marriage or DBA account. Policies will be accepted with a different name if all other insurance policy requirements are met.
  2. Policy Period - There are two types of policy periods – one with a fixed date of expiration and one without a fixed date of expiration, termed continuous. We require renewal policy notification for fixed date expiration policies. If the policy is continuous, we do not require further insurance notification unless the policy is canceled.
  3. Policy Number - The policy number is needed for verifying coverage information with the insurance company.
  4. Coverages - Policies must have comprehensive and collision coverages with deductible limits not to exceed $1,000. Comprehensive and collision can be combined into one coverage; physical damage or all perils, instead of being separated. Comprehensive can also be termed as Other Than Collision (OTC), Comp or Specified Perils or Causes of Loss.
  5. Lien Holder - The lien holder clause identifies your financial institution, to which all claim proceeds will be jointly issued along with the insured, usually the borrower. All policies must have your financial institution listed as lien holder because this ensures that you will receive claim settlements for collateral losses and notification when pertinent information is changed or the policy is canceled. The lien holder clause may also be termed Loss Payee, Additional Loss Payee, Third Party Interest or Other Interest.
  6. Collateral Description and VIN - The insured collateral description must match the loan's assigned collateral. The collateral description is considered to be the year, make and a minimum of the last six digits of the vehicle identification or serial number.


Text Messages Coming from State National

State National, our Insurance provider partner, will be sending text messages to Foothill members on our behalf regarding their auto or mortgage insurance (see examples of the SMS).

If you wish to opt-out of these texts, please reply with "stop".



Foothill Credit Union is a full-service credit union with California branches in Arcadia, Covina and Glendora.