Loan Protection Solutions
We offer two types of Payment Protection insurance: credit life and credit disability insurance.
- Credit life insurance is designed to pay off the insured balance on your loan if you die.
- Credit disability insurance is designed to pay your loan payments (up to the contract limit) if you become ill or disabled and are unable to work.
During the loan application process, you'll be given the opportunity to apply for Payment Protection. If you apply for coverage at the time of your loan application, it's likely that you won't have to go through a long approval process to take a medical exam. And, your insurance becomes effective as soon as your Tampa Bay Federal loan is finalized.
If you do not sign up for this insurance at the time of the loan application, you can do so at any time after your loan closing. However, once your loan has been in place for 30 days, you'll have to provide evidence of good health in order to receive coverage.
Your vehicle is a major investment. You want to protect it so you can drive it for many years to come. With Mechanical Breakdown (sometimes referred to as Bumper-to-Bumper Extended Warranty Coverage), your vehicle repairs are covered even if it is out of the manufacturer's warranty. You can purchase this coverage for both new and used vehicles through Tampa Bay Federal for less than what the dealers charge for comparable coverage. So, don't hesitate any longer.
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Guaranteed Asset Protection (GAP)
You could lose more than your vehicle, boat, motorcycle, or RV if it is stolen or involved in a major accident. You could lose your investment and possibly risk your good credit rating. Because most insurance policies only cover the value of your vehicle - something that rapidly declines during the first few years of ownership - your Tampa Bay Federal loan balance could be higher than the value of your vehicle.
Now you can protect your vehicle, motorcycle, or RV investment with Guaranteed Asset Protection (GAP). GAP is a non-insurance product and is made available via a loan deficiency waiver that covers the "gap" between the vehicle's value and the amount you still owe. Essentially, GAP protects you, your credit, and your entire investment from substantial loss.
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Verification of Insurance
As part of your loan obligation, you may be required to carry full coverage insurance to include comprehensive and collision (physical damage) with a deductible of $500 or less. In instances where you have requested a change in insurance carriers or are in between insurance providers, the previous insurance carrier notifies Tampa Bay Federal, as lien holder, of the discontinued coverage.
Tampa Bay Federal may purchase Collateral Protection Insurance (CPI) to protect our interest in your collateral. We will only do this after attempting to contact you. If CPI is purchased for your loan, your monthly payments may increase. The cost of this type of insurance is usually considerably more than the cost of traditional full coverage insurance you obtain on your own.
To provide verification of insurance and/or receive more information, please visit www.myinsuranceinfo.com
Apply for your loan through our secure Online Banking or by calling (813) 247-4414, ext 7605. Applications are also accepted at all branch locations.