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    • Will cover the value of your car

      • Collateral protection insurance (CPI) is purchased by your lender if your auto insurance policy does not meet the requirements outlined in your contract. A CPI auto insurance policy will cover the value of your car.
      www.valuepenguin.com › collateral-protection-auto-insurance

      CPI Insurance: How Does It Work? What Does It Cover?

  2. www.valuepenguin.com › collateral-protection-autoCPI Insurance: How Does It Work? What Does It Cover?

    Aug 18, 2023 · Collateral protection insurance — or CPI — is a type of car insurance purchased by your lender to protect your vehicle if you don't have the required amount of insurance coverage. You'll pay more for CPI than standard car insurance, and the policy doesn't always offer full coverage.

    • Lindsay Bishop

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  4. insurify.com › car-insurance › coverageWhat Is Collateral Protection Insurance? (2024) | Insurify

    Feb 9, 2024 · Collateral protection insurance isn’t a substitution for traditional car insurance, though it does provide an element of financial protection on the vehicle. The policy typically covers damages to your vehicle in the event of an accident or theft, similar to how collision and comprehensive coverage work.

  5. www.autoinsurance.com › coverage › collateral-insuranceCollateral Protection Insurance for Cars | AutoInsurance.com

    May 29, 2024 · Collateral protection insurance, or CPI, is a type of insurance that protects the auto loan lender in case the borrower (i.e., you) lack the required insurance at the time their vehicle experiences physical damage.

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  7. www.thezebra.com › collateral-protectionWhat is Collateral Protection Insurance? | The Zebra

    4 days ago · What does collateral protection insurance cover? Collateral protection insurance typically covers physical damage to the vehicle. It may also include medical expenses and liability coverage.

    • Ava Lynch

  8. www.thebalancemoney.com › what-is-collateralWhat Is Collateral Protection Insurance? - The Balance

    Nov 29, 2021 · Collateral protection insurance may be placed on your vehicle by the owner of your car loan if your auto insurance lapses. Learn how to avoid this expensive coverage.

  9. www.bankrate.com › insurance › carWhat Is Collateral Insurance and How Does It Work? | Bankrate

    Apr 1, 2024 · Collateral protection insurance (CPI) is a lender-chosen safeguard when borrowers lack full coverage car insurance. CPI coverage typically focuses on physical damage, including collision...

  10. www.einsurance.com › journal › collateral-protectionCollateral Protection Insurance: What You Need to Know

    Jan 5, 2021 · Collateral protection insurance (CPI), also known as forced car or lender-placed insurance, is a policy that the lender can force on the motorist if he or she: Fails to purchase auto insurance; or. Fails to insure the car adequately.

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