Vervent Serviced Loans
Insurance Verification for Vervent Loans
If you received a letter, email, or phone call regarding insurance verification, you’re in the right place.
Department of Commerce Federal Credit Union requires insurance coverage on collateral securing vehicle loans. This page explains what insurance is required, how to provide proof of insurance, and answers common questions about the insurance verification process.
Questions? Call the Insurance Service Center at 888-739-5882.
What Do We Need From You?
At loan closing, you agree to maintain insurance coverage on the vehicle securing your loan and provide proof of that coverage when requested.
This includes:
- Sending in the current policy when the vehicle is added to your insurance
- Any subsequent renewal policies
- Updated information should you change insurance companies
- Policy number.
- Policy effective and expiration dates.
- The VIN and description of the vehicle being insured.
- Comprehensive and Collision deductibles no greater than $1,000 each
- Department of Commerce Federal Credit Union listed as lienholder and Loss Payee.
Department of Commerce Federal Credit Union
PO Box 390064
Minneapolis, MN 55439
We generally need a copy of your insurance declarations page. An insurance binder, policy coverage summary, or another document from your insurance carrier may also be accepted if it clearly shows all required information.
NOTE: An automobile insurance ID card is not sufficient proof of insurance because it does not contain all of the information needed to verify that the policy meets the loan requirements.
To help verify your coverage, your insurance information should include:
✓ Insurance company name
✓ Policy number
✓ Policy effective dates
✓ The vehicle or collateral covered by the policy
✓ Comprehensive and collision coverage
✓ Department of Commerce Federal Credit Union listed as Loss Payee
Loss Payee Name and Address
✓ Department of Commerce Federal Credit Union
PO Box 390064
Minneapolis, MN 55439
If sufficient proof of insurance is not provided, Department of Commerce Federal Credit Union will purchase a Collateral Protection Insurance (CPI) policy to protect its interest in the collateral securing your loan. The CPI premium will be added to your loan, and your monthly loan payment will increase.
CPI is not a substitute for personal vehicle insurance. It does not provide liability coverage, does not satisfy state minimum insurance requirements, and does not protect other people or property involved in an accident. We strongly encourage you to keep your insurance information current.
NOTE: We will send notices requesting the needed insurance information before CPI is added to your loan. If CPI has already been added, continue to submit proof of insurance. Depending on when acceptable coverage became effective, you may be eligible for a full or partial refund after your documentation is reviewed.
Submit or Update Your Insurance
When submitting documentation, include the reference number from the insurance letter you received or your DOCFCU account number whenever possible. This helps ensure the information is applied to the correct loan.
To submit online
- Upload an insurance document.
- Provide your insurance agent’s information.
- Check the status of information already submitted.
For online access:
Email
customerservice@insuranceservicecenter.com ‘
Fax
833-813-7656
Mail
Department of Commerce Federal Credit Union
P.O. Box 390064
Minneapolis, MN 55439
Phone
888-739-5882
Monday–Friday: 8:00 AM to 8:00 PM EST
Saturday: 8:00 AM to 5:00 PM EST
Frequently Asked Questions
Collateral Protection Insurance (CPI) may be added when the insurance coverage required by your loan agreement cannot be verified. CPI helps protect the collateral securing the loan and is added at the member’s expense.
You may have received a letter because proof of insurance was not received, your policy expired or was cancelled, required coverage is missing, a deductible exceeds the loan requirements, DOCFCU is not listed correctly as lienholder or Loss Payee, or additional information is needed to verify your coverage.
The letter includes a reference number, account number, and information about the insurance issue that needs to be resolved. Keep the letter available when submitting documents. The online Insurance Service Center requires the reference number and account number printed on the letter.
If you recently submitted documentation, allow time for it to be reviewed. You can check your insurance status through the Insurance Service Center website. If the documentation does not show all required information, additional information may be requested.
Once acceptable proof of insurance is received, please allow 1–2 business days for the information to be reviewed and your account to be updated. If additional information is needed, the Insurance Service Center may contact you or your insurance provider.
Yes. Your insurance carrier or agent may submit proof of insurance directly on your behalf using the online, email, fax, or mail options listed above.
Collateral Protection Insurance, or CPI, is insurance that may be purchased to protect the credit union’s interest in the collateral when required insurance is not maintained or acceptable proof of insurance is not provided. CPI is not a replacement for personal vehicle insurance. The CPI premium may be added to your loan and may increase your monthly payment.
Submit proof of insurance as soon as possible. Depending on when acceptable insurance coverage became effective, you may be eligible for a full or partial refund of CPI premiums. Refund eligibility and the amount of any refund are determined after the insurance documentation and applicable coverage dates are reviewed.
Contact the Insurance Service Center for assistance. Additional documentation may be needed to update the account.
Contact the Insurance Service Center at 888-739-5882. Representatives are available Monday–Friday from 8:00 AM to 8:00 PM EST and Saturday from 8:00 AM to 5:00 PM EST. You may also email customerservice@insuranceservicecenter.com or fax 833-813-7656.
About Insurance Service Center
DOCFCU partners with Insurance Service Center to help verify insurance information associated with secured loans.
Insurance Service Center assists with:
- Insurance verification
- Insurance status inquiries
- Proof of insurance submissions
- Insurance notice questions
The Insurance Service Center serves as DOCFCU’s insurance tracking and verification partner.
Insurance Service Center Contact Information
Call 888.739.5882
Visit Website
www.insuranceservicecenter.com
Email Customer Service
customerservice@insuranceservicecenter.com
Customer Service Hours
Monday-Friday | 7:00 AM – 7:00 PM CST
Saturday | 7:00 AM – 4:00 PM CST
English, Spanish, and French-speaking representatives are available.
Disclaimer: Insurance Service Center is the insurance tracking and verification service provider for DOCFCU. Members with questions about insurance notices, insurance requirements, proof of insurance submissions, or insurance status should contact the Insurance Service Center directly for assistance.