When your car is financed by SAFCo, your contract requires that you maintain automobile insurance for the entire duration of your loan. Your insurance must include comprehensive and collision coverage, with maximum deductibles of $1000 each. If you do not maintain the required coverage, you are considered in default on the terms of your contract.
FREQUENTLY ASKED QUESTIONS
Am I required to have automobile insurance?
YES! Per your signed contract, comprehensive and collision coverage is required for the life of your loan, and you must provide evidence of insurance upon request. If SAFCo does not have proof of coverage, please contact your agent immediately and advise them to provide us with evidence of insurance. An acceptable insurance policy will meet the following requirements:
- Minimum 6 month policy
- Comprehensive and collision coverage, maximum $1000 deductible on each
Loss Payee as follows:
P.O. Box 390194
Minneapolis, MN 55439-0194
What if I don’t have automobile insurance on my vehicle?
Satisfactory auto insurance is required for the duration of your vehicle loan. Therefore, if proof of continuous coverage is not provided, you are considered in default on the terms of your contract.
If you have proof of insurance, please fax a copy of your policy to 800-333-9960. Be sure to include your name and account number on the fax, and call back to confirm receipt at 800-437-6219.
I received a notice that my insurance policy has been cancelled, but I have insurance. Who should I contact?
If you have received a notice regarding your insurance policy cancellation, a letter stating we need proof of insurance, or a non-renewal letter, please provide us with a copy of your insurance policy. You can FAX it to: 800-333-9960 or call 800-437-6219.
If you have any questions, please contact the Insurance Department at 800-836-0226 ext. 79998.