Insurance Options for Your Vehicle Loan

To keep your loan in good standing, your vehicle must stay protected at all times. You can do that in one of two ways: carry your own full coverage insurance, or use our CPI plan with liability insurance.

Questions About My Coverage?

Option 1: Full Coverage Insurance

Provide your own insurance policy with:

Comprehensive coverage
Collision coverage
Deductible of $500 to $1,000 maximum

If you maintain qualifying full coverage insurance, CPI is not added to your account.

Submit Proof of Insurance

Option 2: Liability Insurance + CPI

If you choose not to carry full coverage, we allow you to carry liability insurance and purchase our Collateral Protection Insurance (CPI) plan instead.

For some customers, this can be a more affordable option than traditional full coverage insurance.

Ask About CPI

What Is Collateral Protection Insurance (CPI)?

CPI is coverage that protects the financed vehicle when qualifying full coverage insurance is not in place.

If qualifying full coverage is not maintained, CPI is required under the terms of the contract and may be added to your account.

This is not an optional add-on when full coverage is missing. It is part of the loan agreement.

How CPI Can Help

If the Vehicle Is Damaged

CPI may help cover eligible damage to the vehicle. If the coverage needs to be used, we can offer a $500 deductible to help repair the vehicle or help get you back on the road.

If the Vehicle Is Totaled or Stolen

CPI may also help reduce the remaining balance owed on the loan after a major loss, similar to how gap coverage works.

Important Things to Know

You must still carry at least liability insurance
CPI is used when you do not maintain qualifying full coverage
CPI protects the financed vehicle
CPI may also help in a total loss situation
CPI is required by your contract if full coverage is not kept in place

When CPI May Be Added to My Account

You do not provide proof of full coverage insurance
Your insurance policy lapses
Your deductible is higher than allowed
Your policy does not meet the contract requirements
We are unable to verify your qualifying coverage

Once acceptable proof of full coverage is provided, CPI can be removed.

Frequently Asked Questions

Why am I being charged for CPI?

Your contract requires the vehicle to be protected at all times. If qualifying full coverage is not in place, CPI is added.

Can I just carry liability insurance?

Yes, as long as CPI is also added to protect the financed vehicle.

Is CPI optional?

No. If qualifying full coverage is not maintained, CPI is required under the terms of the contract.

Does CPI replace liability insurance?

No. You still need liability insurance to legally drive the vehicle.

Can CPI help if my car is totaled?

Yes. CPI may help reduce the remaining balance after a covered total loss, similar to gap coverage.

Can I remove CPI later?

Yes. Once you provide proof of qualifying full coverage insurance, CPI can be removed.

Need Help Understanding Your Options?

We’re happy to explain your coverage options, help you understand CPI, and review whether your current policy meets the contract requirements.

Contact Our Office

Or email us directly at info@ezmfinance.com

Collateral Protection Insurance