Auto Insurance Claims

CU put insurance on your car you were in an accident the insur. co is saying that it is totaled but the fee they said they will give the CU is what repair shops have quote to fix can we fight?

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Wiki User
August 12, 2007 9:49PM

Single Interest Insurance is insurance that the lienholder, finance company, or lender will purchase to protect the lenders interest when the buyer/borrower fails to meet the obligation of the finance contract requiring the buyer to maintain insurance on the property being purchased until the note is paid. Single Interest Insurance cover the Lender, Not the Borrower

If the CU had to purchase insurance on your vehicle, then this means that you were in default on your finance note by failing to provide the insurance coverage you agreed to when you financed the vehicle. You gave them no choice but to protect their interest in the vehicle. Single interest is going to cover only them. The CU is Insured, You are Not Insured. They are covered, You are Not. This means you have no claim and you have nothing to fight because you are not an insured. If you were at fault in the accident mentioned, then you also have no coverage on the lenders Single interest Policy to cover any damage you caused in the accident. The CU does have a claim because they purchased insurance to cover their interest in the vehicle. Single interest insurance covers them, Not you. Remember, you were supposed to be insured and you were not. of course you can 'fight' anything.....please give me more info...such as year/make/model/mileage......cost of repair, (amount they are giving the cu)....what they say the actual cash value of your vehicle is etc........