Yes. If you do not have insurance on a car or house that is used as collateral for a loan the lending institution can take out insurance and charge you for it. The insurance THEY use will be far more expensive than what you can purchase privately, and will not protect YOUR interests, only theirs.
withdraw or withdrawal Bank of America was taking $ 304.00 out of my mortgage payment every month for my mortgage insurance. I had no mortgage insurance on my FHA loan. Bank of America could not give the money to HUD because my loan was not insured. So why was Bank of America taking the money without my permission. Bank of America was aware my loan was not insured, but they money was continually being taken out of my loan payment illegally. Robert
You have had several things happen:You bought a car and as is the law requires told the insurance company who was financing it, and probably you have total loss or "gap" coverageThen you got into a crash that totaled the carThe insurance company knows you have to clear your car loan, and because of the coverage type, your bank has to get the moneySo you have to take it to your loan officer and get them to use the funds to clear your car loanYou will have to sign the check and the bank will take it and apply to your loan.
This coverage is called Lenders Single Interest Insurance, and it insures the LENDER against loss. If you crash the car and damage another person's property, the insurance will pay the bank the amount of the loan and cover any damages that may be assessed against the bank if they are sued. Then the insurance company will attempt to collect all of these amounts from YOU. And of course you are responsible for the damage if you are sued. In other words, THE DRIVER/OWNER has NO PROTECTION from this insurance, even though the premium was added into his bank loan.
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