Loan Insurance: Requirements For A DFCU Loan
Keep your secured loans in good standing—understand exactly what insurance coverage you need, submit proof easily online, and ensure continuous protection throughout your loan term.
Insurance Requirements
What You Need for Your Loan
The requirements for your loan with us will depend on the type of loan you’ve taken. Review the details below or give us a call if you have any questions.
Auto Loans
Comprehensive and collision coverage with deductibles of $1,000 or less is required. ID cards are not considered ample proof of coverage. Your proof must include:
- Insurance company name
- Policy number
- Coverage dates
- Vehicle description and VIN
- Deductibles
- Show DFCU as lien holder
Mortgages
Enough dwelling coverage to meet your loan balance is required. Your deductible should not exceed $1,000 (unless approved by underwriting). Your proof must include:
- Insurance company name
- Policy number
- Coverage dates
- Covered property address
- Deductibles
- Show DFCU as mortgagee
Condo / Townhome Loans
At each policy renewal, you will need to provide proof of:
- HOA coverage
- Condo coverage
Important Information
Commonly Asked Questions
Insurance Information
With regards to loan insurance requirements, DFCU needs to be listed on your policy as the following:
Deseret First Credit Union
PO Box 924591
Fort Worth, TX 76124
You can submit your proof of insurance by fax, online, mail, telephone, email, or in person:
Online: Visit www.myloaninsurance.com/dfcu
Email: dfcu@myloaninsurance.com
Phone: 1-877-621-1096
Fax: 1-877-716-4691
In Person: Visit any Deseret First branch
Mail:
Deseret First Credit Union
PO Box 924591
Fort Worth, TX 76124
If you don’t buy your own insurance or provide proof of coverage as outlined in your loan agreement, we may buy Collateral Protection Insurance to protect the collateral. We will add the cost of this insurance to the loan and as a result, your loan payment may increase. The insurance Deseret First buys will generally be more expensive. In the case of auto loans, it does not provide the liability insurance required to legally operate a vehicle in most states. Our coverage protects the physical condition of the collateral only. With this in mind, we strongly urge you to buy your own insurance.
Loan Protection Products
Coverage For When You Borrow
We want you to feel confident and secure when you borrow. We also know that life is full of surprises, which is why we offer several different products that are available to you in the event of the unexpected.
GAP Coverage
GAP can cover the difference between your outstanding balance and the actual cash value of your vehicle if it is stolen or totaled.
LendShield
A type of debt protection, LendShield protects you against debts, helping to relieve financial pressure in the event of death, sickness, injury, or involuntary unemployment.
Mechanical Repair Coverage
When your car’s factory warranty expires, repairs can become much more expensive. Mechanical Repair Coverage (MRC) helps limit the out-of-pocket cost you pay in these events.
Two-Way Protection
We Provide Financing, You Provide Insurance
Secured loans create a partnership of mutual protection. We trust you with funds to purchase valuable assets, and you maintain insurance to protect those assets. It's a simple agreement that safeguards both your investment and our loan security. This requirement isn't bureaucracy—it's smart financial protection that benefits everyone involved.
Need insurance?
We recommend our partner, Deseret Insurance Agency
Don't Let Insurance Lapses Jeopardize Your Loan
Maintaining proper insurance isn't just a loan requirement—it's smart financial protection. Whether you need to submit initial proof or update expiring coverage, we've made the process simple. Questions about your specific requirements? Our team is ready to help ensure you stay protected and compliant.
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