Vehicle Insurance

Vehicle Insurance

Evidence of Insurance

MACFCU requires that all collateralized loans be covered by insurance. You must provide proof of this coverage to protect the vehicle in the case of loss.

The following information is required:

1. Name of insured - this should match the name of the borrower(s) on the loan
2. Policy Period - the time period the policy is in effect
3. Policy Number
4. Coverages - the credit union requires comprehensive and collision coverages with a maximum deductible of $500
5. Lienholder - MAC Federal Credit Union must be listed as the lienholder on the policy. The lienholder address on the policy should be: P.O. Box 35025, Ft. Wainwright, AK 99703.
6. Collateral Description - The insured collateral description must match the description of the collateral for the loan

Vehicle Storage

If you currently have a vehicle loan with MAC Federal Credit Union and are about to put the vehicle into storage for whatever reason, you must contact us! We require baseline insurance coverage on ALL vehicles with loans, regardless of status. If we determine that there is no insurance on the vehicle, YOU WILL BE AUTOMATICALLY CHARGED FOR COLLATERAL PROTECTION COVERAGE. Contact us today!