What is cpi car insurance?

CPI is a sort of auto insurance acquired by your lender to safeguard your vehicle if you don’t have enough insurance. CPI is more costly than conventional vehicle insurance, and it doesn’t always cover everything. To terminate your CPI coverage, provide evidence of insurance to your lender and that they will remove your CPI policy. When you loan or lease an automobile, the vehicle serves as collateral. If you miss your repayments, your lender might repossess and sell your car to recuperate their losses.
If you total your automobile, your lender can’t sell it enough to pay off your debt. That’s why the loan agreement mandates particular vehicle insurance coverage. Lenders usually need comprehensive and collision coverage. If your insurance policy is terminated, your lender will provide you with a CPI policy. Forcibly placed car insurance (CPI) is also known as lien protection insurance (LPI).