Auto Insurance FAQs

If you have a vehicle loan, you must maintain full coverage insurance. Insurance policies must include:

1. A maximum deductible of $1,000 for collision and comprehensive coverage.
2. Bay Federal Credit Union listed as lien-holder/loss payee.

You may submit your insurance policy by doing one of the following:

• Uploading a copy at www.myinsuranceinfo.com.
• Relaying your information over the phone at 1.800.998.0652.
• Mailing a copy of the declaration page to Bay Federal Credit Union (ISAOA/ATIMA), P.O. Box 2086, Carmel, IN 46082.
• Bring a copy of the declaration page to any Bay Federal branch.

If you fail to provide the required proof of insurance, Bay Federal may purchase insurance on your behalf.

Note: Lender purchased insurance may cover only the lesser of the lender’s interest in the collateral (the loan balance), or the value of the collateral and will not provide any public liability or property damage indemnification. The amount of any lender placed policy will increase your overall loan balance, total interest charged, and could cause monthly payment increases.

You can easily submit your insurance policy online by visiting myinsuranceinfo.com. You may also call 831.479.6000 or 888.4BAYFED, option 8211, to speak to our Insurance Center to provide the information to one of our agents.

You may click the “Don’t have an ID?” link and verify your identity using Name, Zip and last 5 digits of your vehicle VIN.

For automobile, motorcycle, or RV loans, you must maintain insurance providing coverage for accidental loss or damage to your vehicle and the policy must include:

• Maximum Deductibles: 
  • Comprehensive        $1,000.00 
  • Collision                    $1,000.00 
• List Lienholder/Loss Payee as:
  • Bay Federal Credit Union / Insurance Center
    P.O. Box 2086 Carmel, IN 46082

Bay Federal has always required acceptable insurance policies for vehicle loans. During a periodic audit review it was noted that your current policy is not on file.

You can call 831.479.6000 and we can transfer you to our Insurance Center. An agent can assist you with the error.

Lienholder can be updated by your contacting your insurance agent or through your insurance provider’s website or mobile app.

If you receive an insurance check made payable to Bay Federal and yourself, you must submit it to Bay Federal for review and endorsement.

• If the amount is less than $5,000 and your account is not past due, simply bring the check to any branch for endorsement.
• If the total amount is $5,001-$9,999, bring your insurance documents and the check to any branch for endorsement.
• If the repairs will cost $10,000 or more, please bring the check, insurance documents, and repair shop documents to any branch for review. The repairs must be completed by a licensed and qualified repair shop, and Bay Federal will pay the repair shop directly.

Note: If your loan is past due, you will need to bring the account current before any funds will be released to you for repairs.

You may be able to purchase GAP Insurance on eligible vehicle loans that have not been declared a total loss. 

If you purchased a GAP waiver from Bay Federal and wish to cancel your coverage and receive a refund of your GAP fee, you must do so within sixty (60) days from the contract date.

To get started, call us at 831.479.6000.

Note: Canceling the GAP waiver will not lower your monthly auto payment, and if you refinance your loan, your GAP coverage terminates.