Insurance Verification

So, you received a notice asking you to provide us with proof of insurance? This usually happens when we receive a notice of cancellation from your insurance company, or we never received proof of insurance when you first opened your loan with us.

When you take out a collateral loan (vehicles & homes), you are required to maintain insurance coverage to protect your collateral in the event of damage or theft until your loan is paid in full.

If we don’t receive acceptable proof of insurance, we are required to add force-placed insurance to protect the collateral. Force-placed insurance is typically more expensive and doesn’t provide any liability protection or contents coverage in the event of a loss.

To avoid paying for force-placed insurance, please provide us with a copy of your current insurance policy which should include:

• Comprehensive and Collision Coverage with a deductible of not more than $1000

• Collateral information including vehicle identification number (VIN) or property address

• Policy coverage dates

• Correct lienholder and address must be shown on the policy- (see below)
  Palmetto Health Credit Union
  PO Box 100167
  Columbia, SC 29202

You can upload your proof of insurance through the link below or by emailing it to info@phcu.org.