Past experience financing a auto purchases in the state of California makes me pretty certain that a vehicle must be paid in full & pink slip transferred to independent owner prior to a driver legally reducing to PLPD insurance coverage. A lending bank shares legal joint ownership of a driver's vehicle until the auto loan has been completely repaid, and views the vehicle in terms of its collateral value. Should you happen to default payment, for example, a lender may assume rightful ownership of the driver's vehicle, and liquidate said asset for profit at will. Naturally, corporate lenders, banks, car dealerships, encourage & expect borrowers to honor debt repayment as much as they value their vehicles, not to mention their credit. Whereas repossessed vehicles, depreciated by time and normal use, incurr significant loss for lenders, requiring a driver to maintain full comprehensive/collision/UIDM coverage on the vehicle for the life of the loan effectively protects joint assets against incidental loss due to accident/vandalism/theft.
Yes, but only up to the point of the expiration date listed on the auto insurance policy. Also check the policy for underage driver coverage. Some older folk save on their insurance premiums by discluding younger people under age 25 as being insured when driving that particular vehicle. Contact the insurance company and let them know this. They should refund a prorated amount of the insurance premium to you. The insurance covers him as a driver of the truck, not the truck itself.
yes the insurance company will come after you to pay the bill they used in fixing their driver's car. the point i do not know is that, are you responsible to pay the deductible or pay the total, what are this insurance people for anyways, they only make money they do not spend money... try talk to and insurance agency and see if you are to pay a percentage of the money or all.
The primary benefit of having mortgage life insurance is to eliminate the risk of passing one's debt onto their heirs. The point of having mortgage life insurance is that if one dies with an unpaid balance on one's mortgage then the insurance covers the remaining balance and whoever inherits the estate will owe nothing on the house.
Yes - that's the point of uninsured motorist coverage. You'll be bound by the terms of your policy so review it. But generally yes, if the at-fault driver is uninsured, you can make a claim against your uninsured motorist policy. You'll have to prove the other driver had no insurance. Generally an affidavit of no insurance, or a letter from the most recent insurer stating the policy had lapsed or was in some way not in force is sufficient.
It depends on whether the at-fault driver has any resources of value and whether the courts might award to offset the financial damages. If not, it depends on the type of insurance. If you have comprehensive/collision, your damages will be paid up to the point of your deductable. If you don't have comp/collision, but DO have underinsured motorist (or whatever it's called in your part of the country, the insurance will again cover the damages up to the deductable.
The trial balance is just that, a "trial" balance. It shows where the company stands at a certain point in time. the "adjusted trial balance" does the same thing with one slight difference, it's the balance after all adjusting entries are made. These entries may include, the expiration of pre-paid insurance, payments received and the closing of the books for the period. For example, you can begin your month with a trial balance, to ensure everything is correct, at the end of the month you have made all your adjusting entries and transactions, after this point you want to have your adjusted trial balance (because entries have been "adjusted" for the period)
Young drivers can face a tough time in finding cheap auto insurance. Drivers under the age of 25 have to effectively prove they can drive carefully on the road before insurance providers will decrease the cost of insurance for them. There are many factors that work to increase the price young drivers pay for car insurance. Some of these factors a young driver has no control over. For example, an insurance company considers a young driver's history of driving in creating an insurance rate. A young driver may have no history at all, which automatically means the insurance company has to charge high fees for its policy. In addition, the location in which a young driver lives may affect his or her insurance policy rate. If a young driver lives in a large city with congested traffic, then it is likely his or her insurance rate will go up. These are just a couple of the extraneous factors insurance companies use to determine insurance rates for young drivers. A few more factors will work to determine a young driver's insurance rate. A young driver's gender always plays into role in determining the insurance rates. Young female drivers are more likely to be cautious and get into fewer accidents on the road. Because of this, young female drivers enjoy decreased insurance rates. Male young drivers will have to pay higher insurance rates. This is the other factor that a young driver has no control over and is charged increased insurance rates for. To cut costs as much as possible, there are a couple factors young drivers can control. The type of vehicle a young driver uses will have an effect on an insurance rate. Sports cars and red cars often affect an insurance policy by increasing its rates. Cars that are flashy have a greater chance of being vandalized or hit on the road. A young driver should choose an economical and basic car for low insurance rates. Another way to cut costs is to get good grades in school. If a young driver maintains a grade point average above a 3.0, many insurance carriers will forward a "good student" discount to the young driver. Having a short commute from home to school is another factor one can use to negotiate a lower insurance rate.
PROBABLY not if they specifically EXCLUDE that driver on their own policy. However, this will be an underwriting function and the underwriter could indeed raise the rate even if the parents exclude him/her. If the new driver has their own policy, though, the parents policy would AT MOST, only provide excess coverage. This excess coverage COULD (and probably WOULD) become available if a loss exceeds the policy limits of the new driver. So this fact may prevent the parents' rate being raised. HOWEVER, there is still the fact that, given there is another vehicle in the same household of the new driver, the likelihood that at some point in time they will drive that vehicle is really considered quite high.
Nobody is at fault ... Driver B left the scene of an accident ... it was "B's" fault, but you do not know who Driver B is, so there is nobody to blame.Probably better off anyway - chances are Driver B had no insurance, let alone a drivers license ... and even if they had stayed and were charged with being at fault, your own insurance would wind up repairing the damage you your vechicle.AnswerDriver B- Sounds like he was an idiot! AnswerIf driver A was "cutting up" driver B while changing lanes (e.g. sees their exit and crosses two lanes full of traffic to get to it) then they may be at fault. If driver B was frightened by this action they may leave the scene fearful that aggressive driver A is going to attack them. They may be making their way to a police station to report the incident.AnswerFrom what I understand, driver B is by default the most likely to be at fault unless the facts are reviewed and point to another conclusion, ESPECIALLY if driver B is within X car lengths of driver A. Lewis hamiltons
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