Vehicle Security Insurance Collateral Protections

If you give Bayer Heritage FCU a security interest in a motor vehicle/mobile home in connection with an advance under the Plan, you must purchase a lender's single interest policy (also called VSI Policy) that will protect the credit union if the credit union repossesses the motor vehicle and it has physical damage. You may purchase this coverage from anyone you want that is acceptable to the credit union. If you purchase this insurance from the credit union, there is a one-time charge of $12.50, and the insurer will waive any right of subrogation against you. Lender's single interest insurance protects only the credit union. It is not liability or property insurance that protects you or your interest in the vehicle. You must separately purchase liability and property insurance for your own protection from an insurer of your choice.