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Can an insurance company deny a finance company payoff on a vehicle that has been total by a driver that is not on the insurance policy?
Wiki User
∙ 12y ago
All regular and occasional drivers are required to be listed on your policy. All vehicle owners are required to be dosclosed. Concealment of vehicle owners or permitted drivers on an auto policy is the most common form of Auto Insurance fraud. If the company can determine it, They can deny any and all claims based on the fraudulently obtained policy.
AnswerThe answer to your question comes in two separate parts. First, it's important to understand that in general, anybody whom you have given permission to drive a car on your policy is covered by your insurance. This is regardless of their relationship to you and regardless of whether or not they live in your household.
With that said, you must also understand that nearly every auto insurance policy covers losses on an actual cash value basis. This means that there is a deduction for depreciation and/or use of the car...e.g. - The older a car is the less it is worth. (Unfortunately, even a brand-new car is never quite worth what somebody has paid a dealership for it. This often results in being "upside down" on your car note because you owe more than what it's worth.)
The bottom line is that when a person is upside down on their car note, if the car gets totalled in an accident, the insurance company only has to pay what the car is worth, not what you owe somebody for the car.
Wiki User
∙ 12y ago
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What are some benefits of having a Fiat company insurance?
The benefits of Fiat company insurance are that the Fiat vehicles under the insurance are completely covered. This is true regardless of who the driver may be.
Is Freeway insurance a good insurance company?
Freeway insurance is really more of a comparison company. Freeway insurance is only offered to California state residents. They offer policies from over 20 different carriers. They do offer Multi-policy, multi-car, good driver, and student discounts.
What is an insurance surcharge?
Insurance Surchargesa Surcharge is somthing you are being charged extra for because of a specific reason or risk... such as a Surcharge for underage drivers, or a surcharge for a Wood Burning stove... they burn alot of houses you know... ya.. so its just an extra charge they give you to insure you. Here are some examples on Auto Insurance PolicesUndisclosed Household Drivers SurchargeUndisclosed Tickets SurchageYoung Driver SurchargeInexperienced Driver SurchargeHigh Risk Driver SurchargeHigh Risk Vehicle SurchargeModified Vehicle SurchargeHappy Motoring
Can you have a car loan in your name and someone else carry the insurance on the car?
Your name must be on the insurance policy, otherwise you are not a covered driver under that insurance policy. Failure to disclose a known driver can void any coverages afforded by the policy and is a well known form of insurance fraud.
If you car is damaged while it is being repossessed who is liable for the damages the loan company or the repossession company?
Sue them both, plus the driver, plus their respective insurance companies, and let the court find them "jointly and severally liable," so you don't care which one of them actually has to pay.
What does the finance company do when a car is totaled and there is no collision insurance?
If the driver was uninsured or only had liability insurance, they would be liable to still pay the finance company back or face a lawsuit.
What do you do if you are uninsured and rear ended by a company vehicle and the driver does not want to contact their insurance company?
Call the police and/or the company that owns the vehicle
If Im not the original owner of vehicle how do I get insured on the vehicle?
You do not have to be the original owner to be on the insurance. You just need to call the insurance carriers company and ask that you be added as a driver on that vehicle.
Can coverage on a non-owners auto insurance policy be extended to a company car that I drive?
No, Non Owners often referred to as Named Driver insurance never covers a company vehicle. It is the responsibility of your company to provide insurance for it's employees when driving a company vehicle.
Will insurance cover on a company vehicle?
If your question concerns liability insurance, ordinarily, liability insurance on a company vehicle will apply to you if you are endorsed as an authorized driver of the car and if you are driving it on a company mission.
What can you do if you are hit by another driver and got their license number and the police charged them but their insurance will not pay because the owner says a friend was driving the vehicle?
It shouldn't matter who was driving. The insurance company is responsible for the VEHICLE not the driver.
How much does commercial vehicle insurance cost?
Commercial vehicle insurance varies depending on the risk you prove to have as a driver, what type of insurance you are getting, and with what company you are getting it from. There are many variables that affect the price.
If a speeding citaton is given with company insurance info instead of personal whose insurance and record is affected?
When a speeding citation is given, it is given to the driver... not the owner of the vehicle nor the person (or company) who is insuring the vehicle. Therefore, the driver's insurance and driving record will reflect the charge. If this person was driving a company vehicle (and therefore insurance paid by the company) then the companies insurance policy COULD be affected but not always. The cost of corporate insurance policies that cover multiple vehicle and/or drivers are determined by many factors such as # of vehicles, types of vehicles, company claim history, # of drivers and ages there of. Most companies must report their drivers information to the insurance company which will then check the drivers records which will then allow the insurance company to 'rate that driver' and asses a cost for insuring that driver. Some companies will refuse employ drivers with too many moving violations... or not let them drive company vehicles. I hope the answered your question.
Does a company driver have to pay for truck insurance?
For the company vehicle? No. Unless they're one of these glorified sharecroppers known as lease operators.
My parked car has full coverage and was hit by an uninsured driver?
tell your insurance company and the police and your insurance company will pay everything except the deductible. If you have full coverage than your insurance is required to make good on the damage. It is up to your insurance company to try and get their money back from the uninsured driver of the other vehicle.
Can you be listed as a driver on a vehicle while going bankrupt?
being listed as a driver on a vehicle has to do with your insurance and not the company selling the vehicle. if the insurance runs your credit report before they make a final quotation for coverage, then they could possibly deny you as being an insurable driver on a certain vehicle. it probably won't happen but could depending on what state you live in.
What happens when a uninsured driver hit someone?
What happens when an insured driver hits someone depends on the state you live in. In a no-fault state you present your claim to your insurance company for payment. In a tort state, you would sue the driver for compensation. If you have uninsured driver coverage, then your insurance company should cover you and/or your vehicle, up to a certain amount. You should check with your insurance company to be sure.
