As of 2016, the services MyInsuranceInfo offers include accepting verification of insurance coverage and maintaining insurance status information for borrowers and secured lenders, according to First United Credit Union. Borrowers who obtain loans using vehicles or other property as collateral often need to show the lenders that they carry physical damage insurance coverage for the property. Borrowers submit proof of insurance through the website MyInsuranceInfo.com by providing their lender notification and their insurance documents, according to Allied Solutions LLC.
Allied Solutions LLC owns MyInsuranceInfo.com, explains Allied Solutions. The company has more than 35 years of financial service industry experience with a focus on providing risk management, insurance and insurance product solutions. Allied is an independent, wholly owned member of Securian Financial Group. Allied Solutions' terms and conditions Web page states that MyInsuranceInfo.com website users agree that the users assume the risk of using the website, and specifically disclaims any liability for damage users may incur. The company also notes that the disclaimer may not be effective in certain jurisdictions.
When a borrower fails to carry the insurance that the loan terms require, the lender can purchase an insurance policy to cover the collateral and charge the borrower for the cost of the insurance, according to the National Association of Insurance Commissioners. This type of policy is force-placed insurance, lender-placed insurance or creditor-placed insurance. Lenders can place the insurance when borrowers' policies lapse or do not provide sufficient coverage. Lender-placed insurance policies are significantly more expensive than consumer-purchased insurance, and the coverage is typically limited.