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IMPOSTER SCAM ALERT
APGFCU will never contact you unexpectedly by text, email, or phone to request personal or financial information. We also won’t send representatives to your home to collect debit or credit cards or cash.
If you get a message claiming to be from APGFCU that asks for this information, do not respond.
To report a suspicious text or email, click here.
Insurance Verification Requirements and Questions
Evidence of insurance is required as a condition of your collateral loan agreement. Read below to find answers to the most commonly asked insurance questions.
- Am I required to have full coverage insurance on a collateral loan financed with APGFCU®? If so, what type of product is included in a collateral loan?
- Yes – APGFCU requires that while your collateral is financed with the credit union, you carry full comprehensive and collision insurance on that collateral. The types of products included in a collateral loan are auto, boat, RV, jet ski, and ATV. A deductible of no more than $1,000 is required for the full term of the loan with the exception of boats, which require a maximum deductible of 3% of the unit's value and APGFCU listed as the loss payee. Should you fail to maintain the required insurance throughout the life of the loan, the credit union may purchase a policy for its protection and pass the cost of the policy on to you, the borrower. Premiums are added to your loan balance and your payment will increase to cover the addition.
IMPORTANT INFORMATION:
The policy purchased by APGFCU does NOT provide liability coverage, which is required by the state of Maryland. This means if you are in an accident, the collateral insurance APGFCU secures on the collateral will NOT cover any damages caused by you to others. To learn more about Maryland insurance requirements, visit the Maryland Motor Vehicle Administration web page. - What is the maximum deductible I can have on my auto financed with APGFCU?
- Your auto insurance deductible cannot exceed $1,000.
- Is a copy of my insurance card acceptable proof of insurance?
- No, please provide your insurance declaration page showing APGFCU as the lien holder or loss payee for the collateral insured.
- Can I provide a copy of an insurance binder as proof of insurance?
- No, a binder is only good for 30 days, please provide your insurance declaration page showing APGFCU as the lien holder or loss payee for the collateral insured.
- What will happen if my insurance is canceled?
- Insurance is required for the full term of the loan, and without it, APGFCU may purchase collateral protection insurance on your vehicle. The premium will be added to the loan balance, and your payment will be adjusted to stay within the original term of your loan agreement resulting in a higher monthly payment.
- What happens if I have a lapse in coverage?
- Insurance is required for the full term of the loan. If you provide proof of insurance but there is a period where coverage lapsed, APGFCU may purchase collateral protection insurance covering the lapsed period. The premium will be added to the loan balance, and your payment will be adjusted to stay within the original term of your loan agreement resulting in a higher monthly payment.
- A premium for collateral protection insurance was added to my loan, but I have coverage. What can I do?
- Please provide a copy of your insurance declaration page showing you have full coverage on the auto, with APGFCU as the lien holder or loss payee, using the "Insurance Verification" link. If you provide proof of coverage for the full term, you may be eligible for a refund of the premium pending documentation review.
- I received an email/letter saying I should email information to [email protected] or mail documents to Texas. Is this legitimate?
- Yes, APGFCU partners with myloaninsurance.com to manage the collection of insurance documentation. To submit your insurance documents, go to myloaninsurance.com. You may also submit your insurance declaration page by phone, fax, or email to State National directly for assistance in updating coverage with your insurance company.
State National Company
Address:
P.O. Box 25492
Fort Worth, TX 76124-2492
Phone: 1-866-610-2064
Service Fax: 1-877-892-0256
Email: [email protected]