When you borrow money to finance your car, home, boat or RV, the lender will demand to see insurance. When you recently got a letter or email requesting to confirm your coverage, it likely concerns MyInsuranceInfo.
MyInsuranceInfo portal is a safe web platform that will assist borrowers in registering insurance checks at any convenient time and place. The site myinsuranceinfo.com will allow you to input your insurance information within a few minutes and have your financial institution properly supplied with updated information.
This step-by-step guide will take you through the process of how the MyInsuranceInfo site operates, why you might have received a notice and how to undergo the insurance verification process step by step.
What Is MyInsuranceInfo?
MyInsuranceInfo is an insurance verification that provides services to financial institutions in the United States. It is mainly done to ensure that assets that are secured by a loan are correctly insured.
When you finance:
- A vehicle
- A home
- A boat
- An RV
- Other secured assets
The lender should also ensure that the asset is adequately insured. MyInsuranceInfo’s site allows verification through an online system with 24/7 access to secure data.
You can go to the site myinsuranceinfo.com and register an account under the section www.myinsuranceinfo.com and fill in the paperwork in a matter of five minutes instead of mailing and putting it on hold.
Why Did You Receive a MyInsuranceInfo Letter?
If you were given a notice requiring verification of your insurance, do not panic. That does not automatically imply that it is wrong. It merely refers to the fact that your lender requires a new or renewed insurance data.
The most typical reasons are as follows;
1. You Opened a New Loan or Refinanced
Whenever you refinance or loan out some money, the lenders may insist on showing evidence of insurance within a given period. In case they have not been responded to, you will be informed via a notice that you need to confirm via MyInsuranceInfo portal.
2. You Changed Your Insurance Coverage
If you adjusted your deductible or removed certain coverage, your new policy may not meet the loan agreement requirements. Submitting updated details through myinsuranceinfo.com resolves the issue quickly.
3. Your Insurance Policy Was Canceled
In case your old policy was canceled or changed, your lender might not be informed about it. There is a MyInsuranceInfo website where you input your new information and this will update your records.
4. Lienholder Not Listed
Your policy must also list your lender as a lienholder. Without them being included, they will not be updated about the policy. You will be able to check it on your declarations page and update information using the portal.
5. Insurance Expired
If your insurance fails to renew automatically, it might have expired. Through the MyInsuranceInfo portal, you can provide evidence of renewed coverage.
6. Routine Re-Audit
Some lenders conduct periodic audits (often every three years) to ensure continuous coverage. Even if nothing changed, you may still be asked to verify.
MyInsuranceInfo Insurance Verification Steps
To complete the process at www.myinsuranceinfo.com, follow these simple steps:
Step 1: Gather Required Documents
Before logging into the MyInsuranceInfo portal, make sure you have:
- Your notice from your financial institution (contains your Reference ID)
- Insurance carrier name
- Policy number
- Effective date
- Deductible amount(s)
- Confirmation that your lender is listed as lienholder
All of this information can be found on your insurance policy declarations page.
Step 2: Enter Insurance Information Online
Visit myinsuranceinfo.com and enter your Reference ID.
The guided process will ask for:
- Insurance company name
- Policy details
- Coverage information
- Lienholder confirmation
The process typically takes about five minutes.
Step 3: Review and Submit
Have a preview of what you are going to submit.
Once submitted:
- You are going to be provided with an email confirmation.
- It normally requires 2-3 business days to process.
- After that, you will get an email of follow-up either on completion or as necessary.
That is all, your insurance check is finished.
What Is Collateral Protection Insurance (CPI)?
If you do not verify your coverage, your lender may apply Collateral Protection Insurance (CPI) — also known as force-placed insurance.
CPI is:
- Added by the lender
- More expensive than regular insurance
- Limited in coverage
- Designed to protect only the lender
Important: CPI does not provide liability coverage. It protects the lender’s interest in the collateral but does not protect you from personal injury or liability costs.
If you notice a sudden increase in your monthly payment, CPI may have been added. Completing insurance verification through the MyInsuranceInfo portal can help remove unnecessary CPI charges.
What Information Do You Need?
When completing insurance verification on www.myinsuranceinfo.com, you will typically need:
- Your Reference ID
- Insurance company name
- Policy number
- Policy effective date
- Deductible amounts
- Lienholder confirmation
This information is available on your insurance policy declarations page.
Who Manages MyInsuranceInfo?
Allied Solutions is the financial services company that manages MyInsurance Info and serves more than 4,000 financial institutions in North America.
Allied Solutions was established in the year 2001 as a merger of Eldredge Corporation and FLS Services. It is the subsidiary of the Securian Financial Group ,which is a well-established financial services organization in the United States.
Allied Solutions specializes in:
- Insurance services
- Risk management solutions
- Financial institution support
- Technology-enabled verification systems
The MyInsuranceInfo platform is one of the tools developed to simplify insurance verification for borrowers and lenders alike.
Benefits of Using MyInsuranceInfo
Using the MyInsuranceInfo website provides several advantages:
- 24/7 access
- Quick five-minute submission
- Email confirmation
- Faster updates to your loan record
- Prevention of unnecessary CPI charges
- No need for phone calls or mailing documents
Thousands of individuals complete their insurance verification through myinsuranceinfo.com every day.
Final Thoughts
The purpose of MyInsuranceInfo is simple: to ensure that your loan collateral remains properly insured. If your lender has contacted you, it is likely just a routine verification request.
Instead of worrying, visit www.myinsuranceinfo.com, enter your Reference ID, and complete the insurance verification process. It takes only a few minutes and helps avoid costly force-placed insurance.
With MyInsuranceInfo portal, you are able to easily fix this discrepancy, secure the loan agreement and make sure that your financial records are up-to-date and accurate with the insurance records being maintained by your financial entity.
In case you have been notified, do not procrastinate and do your verification now and remain within your loan terms.
Frequently Asked Questions (FAQs)
Where can I find my MyInsuranceInfo Reference ID?
Your Reference ID is where the letter or email that you got with your financial institution is found on its upper right-hand corner.
How long does insurance verification take?
It takes approximately five minutes to enter information on MyInsuranceInfo site. All forms of processing normally require 2-3 business days.
Is the MyInsuranceInfo portal secure?
Yes. The MyInsuranceInfo portal would enable you to share your insurance information with your lender in a secure manner.
What happens if I ignore the notice?
Failure to confirm your coverage means that your lender will impose Collateral Protection Insurance (CPI) which makes the loan payment expensive.