My brother in laws taxi was destroyed by a fire from a short circuit and he still has some of the loan for the car outstanding. He does not know if it is worth bothering to go to the insurance company since they might just pay the financing company and not him so he can get a new car and continue to pay off the loan.
- Thread starter Trainman33
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Car insurance when under a car loan?
My brother in laws taxi was destroyed by a fire from a short circuit and he still has some of the loan for the car outstanding. He does not know if it is worth bothering to go to the insurance company since they might just pay the financing company and not him so he can get a new car and continue to pay off the loan.
in which country is this?
My brother in laws taxi was destroyed by a fire from a short circuit and he still has some of the loan for the car outstanding. He does not know if it is worth bothering to go to the insurance company since they might just pay the financing company and not him so he can get a new car and continue to pay off the loan.
He better go to the insurance company, if he is planning take another loan he better save the money that he will have to pay for burned car and new one, I think is better just pay the new loan.
I don't get it. Unless he financed 100% of the car, some of the insurance money belongs to him. I don't think the financing company will move a finger to get the payment from the insurance company. After all, their business is to keep the customer paying every month and paying off the loan is not a good business for them. Your brother should do all the paperwork, get the payment from the insurance company, get his share, and get all the documents from the financing company that say that he paid off the loan in full.
I don't get it. Unless he financed 100% of the car, some of the insurance money belongs to him. I don't think the financing company will move a finger to get the payment from the insurance company. After all, their business is to keep the customer paying every month and paying off the loan is not a good business for them. Your brother should do all the paperwork, get the payment from the insurance company, get his share, and get all the documents from the financing company that say that he paid off the loan in full.
if an insured has a lien outstanding on his car, and the car is declared a total loss, then the insurance carrier contacts the lienholder to ascertain the outstanding balance of the lien. the company cuts a check to the financiers, then a separate check to the insured for the balance left over after the lienholder has been satisfied. that is how it works in the USA.
as to the DR: i have no idea, since insurance here bears no resemblance to insurance in the US. it is a completely different animal.
It turned out to be a moot point.. the financing company let the insurance lapse anyways! They will never get any more business from the Santiago taxi union..
Overall, new cars MUST be covered 100% of the car value as long as it has a load/lien on it...Therefore, the car should be decalred to be a total loss, replaced with the same or another model at blue book value of today...But like others have said, this apples to the US...
I would check the INS policy online if possible, see if fire is covered 100%...If not,that puppy if going forf a swim reported stolen
I would check the INS policy online if possible, see if fire is covered 100%...If not,that puppy if going forf a swim reported stolen
Overall, new cars MUST be covered 100% of the car value as long as it has a load/lien on it...Therefore, the car should be decalred to be a total loss, replaced with the same or another model at blue book value of today...But like others have said, this apples to the US...
I would check the INS policy online if possible, see if fire is covered 100%...If not,that puppy if going forf a swim reported stolen
the blue book is not used to establish the actual cash value of a car. it is established by taking the average of the NADA yellow book and the Red Book valuations.
second matter, skynet, is that the value is not the value of today, but the value on the date of the loss. so, if it happened in July, you do not use the October books, you use those from July.
If you are depending on a "Third Party" to make insurance payments for you, DON"T!!!!!
ESPECIALLY if an employer is supposed to be paying your health insurance.
If they are, call the insurance company every month to see if your insurance is active.
A "friend" of mine was in the hospital for 10 days with "Dengue Fever", his employer had not paid his insurance for 5 months.
Net loss, 100,000 pesos out of his pocket!
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ESPECIALLY if an employer is supposed to be paying your health insurance.
If they are, call the insurance company every month to see if your insurance is active.
A "friend" of mine was in the hospital for 10 days with "Dengue Fever", his employer had not paid his insurance for 5 months.
Net loss, 100,000 pesos out of his pocket!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
If you are depending on a "Third Party" to make insurance payments for you, DON"T!!!!!
ESPECIALLY if an employer is supposed to be paying your health insurance.
If they are, call the insurance company every month to see if your insurance is active.
A "friend" of mine was in the hospital for 10 days with "Dengue Fever", his employer had not paid his insurance for 5 months.
Net loss, 100,000 pesos out of his pocket!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
my premium is due on the 30th of the month. i get it there by the 28th...i do not want to hear that i owe the clinic 150,000 pesos because i did not pay my last premium by the 30th, and they de-activated my policy.