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If you are in an accident and you have no insurance what will the bank do when they find out your car is totaled?
Wiki User
∙ 8y ago
The lender has several options but the one you will be concerned with is: SUE YOU for the money. Depending on how long you didnt have ins. the lender had probably placed ins. on the loan that covers them but NOT you. You will still be looking at a Balance DUE. If ya cant ins. it, ya cant AFFORD to drive it. Good Luck
It's a little more serious than Roosta's opinion. The vehicle destroyed was the collateral which officially established your loan as a SECURED LOAN. That is the condition you signed upon completing your buyer's contract which is to maintain at minimum Comprehensive and Collision coverages however most of them specifically state such coverage does NOT substitute for bodily injury/property damage liability required by law to even MOVE the car without a towing truck in all 50 states and most Canadian territories.
Many lenders will like she said add insurance that ONLY covers the repair/replacement costs of their precious investment and they do it almost immediately. If by some chance it's totalled and they haven't done so you might be brought up on criminal charges unless you are able to produce the entire remaining balance immediately. Unless of course you're not At Fault, in which case the other person's insurance must pay.
These possibilites are going to be the least of your problems if you're in a crash, at fault with no liability coverage. You'll probably spend time in jail not to mention get stuck riding scummy filthy low life busses for the rest of your life, or however long you're in North America (USA, Mexico, or Canada)
They are right. The best thing you can do is keep paying your payments, and hope they don't find out.
ok thank you for your answers but the accident definitly was her falt problem is her isurance doesnt want to cover of coarse she denies!being there at all so what can i do for now as far as the payements and what is ussually the out come? (ive never been in an accident)?
Wiki User
∙ 8y ago
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What is a sentence for totaled?
This is total nonsense!My total is 52.
Does an auto insurance company have to pay for a deaf interpreter to find a new vehicle after yours has been totaled?
What. Why would you think this is required? An insurance company will not find you a new vehicle is your is totaled, they will pay you the actual cash value of the vehicle you had.
What happens if your car gets totaled by another driver in collision accident?
You get the Traffic Collision Report. You find out who was at fault. You get the other driver's insurance information. You file a claim with his insurance company. Using an attorney to represent you helps to avoid you suffering through the process yourself.
If you were at fault for a minor accident and police report was filed will the insurance companies find out and increase premiums even if both sides agreed not to notify their insurances companies?
I rear ended someone and totaled her car, she was taken to the hospitaland my insurance did not change. I do have a driving record with no other blemishes.
How can I find out if soomeone has auto insurance?
If you have had an accident with this person then his insurance information should be present on the accident report. If you have no claim on this person's auto insurance then it is not your business whether or not he has insurance.
Where can one find information regarding Maryland accident insurance?
One can find more information about Maryland accident insurance by visiting the brand name insurance companies like Allstate and GEICO. Alternatively, one can look at flyers for accident insurance companies in Maryland.
If your car is declared totaled do you still have car insurance The insurance company has not paid yet.?
Hi, It depends on what type of insurance you had. Liability, full coverage...etc...Call your insurance company and find out.
How do you deal with an insurance adjuster after an accident?
Insurance Adjustersyou can find alot of information about how to deal with your with your Insurance Adjusters
How do you find an old insurance company named National Life and Accident Insurance Company?
They have been bought out by American General Life & Accident
How do i find a person's insurance company?
If you were involved in an accident with this person then their insurance information will be listed on the accident report. If you were not involved in an accident then it is not your business who they have insurance with. Much of this is covered by the privacy laws so if you really have to know ask the person.
Where can I find a list of accident insurance companies?
An accident insurance company is basically any insurance company- since thats what they are made for- accidents. Well known insurance companies are Geico, State Farm, and Nationwide.
What insurance policies normally cover traffic accident compensation?
The insurance policies that normally cover traffic accident compensation are vehicle insurance policies. To find out more, it is recommended to contact a local insurance agent.
