Physical Damage Insurance FAQ

Physical Damage Insurance FAQ

Have questions about your physical damage insurance? Check out our most frequently asked questions below for answers.

What is my policy number?

A policy number usually starts with CIC-####### and replicates the middle section (7 digits) of the Cat Financial contract number, for example:

  • Contract Number: 001-0123456-000 » Policy Number: CIC-0123456

Do I have to include the full insurance payment when paying off a contract?

When paying off a contract early, you will have the option to continue coverage through the original contract termination date. However, if you choose not to pay the remaining premium, you are still responsible for any current or past due insurance payments prior to your cancellation date. Please reference your Payoff Quote for amounts due.

How is my insurance billed?

Insurance is usually billed in arrears. Meaning, if your payment due date is 7/30/16, this has provided you coverage from 6/30/16 until 7/30/16. If the insurance policy is cancelled on 7/20/16, you will still be responsible for 20 days of coverage. Please reference your Payoff Quote for amounts due.

How do I cancel my insurance policy?

All cancellation requests must be submitted in writing by completing the Caterpillar Insurance Company Physical Damage Insurance Cancellation Form. Because insurance is highly regulated, the information listed on the insurance cancellation form should match exactly with what is stated on the original policy documents. This includes the insured’s full name, correct address, and the appropriate signature of the insured. For a policy to be cancelled effectively, the date of cancellation and the reason for cancellation are required. The insured must remit all applicable supporting documentation as detailed below:

  1. Proof of trade documents if the unit was traded in or sold to the dealership
    • Dealer invoice or purchase receipt
  2. Proof of the sale between the insured and the new owner if the unit was sold
    • Notarized Bill of Sale including date of sale, model, serial number, amount of purchase, and signatures for both parties
  3. Certificate of Insurance if alternate coverage is obtained through an outside insurance agency
    • Certificate of Insurance with equipment model and serial number, effective date of coverage, showing Caterpillar Financial Services Corporation as lienholder
  4. Documents if the Policyholder is deceased
    • Signature of the Power of Attorney/Executor of the Estate on the cancellation form; attach death certificate and Power of Attorney or Executor of the Estate documentation
  5. “Total Loss” of equipment
    • Insurance cancellation form must be completed with the specified date of the loss

Have More Questions?

Please contact our customer relations team to verify receipt of funds, current processing status, or for more details on your physical damage insurance. If you're interested in refinancing, our team can also arrange for a discussion with a local sales representative.

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