0
Does your car insurance cover your car if you loan it to someone in Texas?
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
In the state of Illinois does your insurance cover the the loan on your car if you receive a DUI?
No. The loan on your car has nothing to do with a DUI. If you do get a DUI, most probably your insurance renewal premium will go up a lot. But, your insurance has no reason to cover your auto loan. It is up to you to make your loan payments with or without a DUI on your record.
What is uncollateralized loan?
a loan not backed by a co-signer who agrees to cover the amount of the loan a person loan without assets to cover the loan amount a home equity loan a loan tkaen on a life insurance policy
What is uncollateralized?
a loan not backed by a co-signer who agrees to cover the amount of the loan a person loan without assets to cover the loan amount a home equity loan a loan tkaen on a life insurance policy
Why would one need loan payment insurance?
Loan payment insurance may cover one for a variety of unplanned events. These may include loss of job, ill health, death or changes to financial situations. Loan payment insurance may cover either the interest on a loan, for a set period, or the loan payment in full.
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
when you have a gap insurence and refinace do you carie the gap over the new loan?
no you do not carry the gap insurance over a new loan as they are to different types of finance.Insurance is to cover a car. A new loan is completely seperate and you would have to take out a different policy to cover the loan such as sickness and redundancy cover.
Does the lender get mortgage insurance to cover the loan and you get the homeowners?
No, that's not how it works. Mortgage insurance is to cover you defaulting on the loan, and you're expected to pay it. Homeowner's insurance covers the home itself in case of accidents. If they pay off the value of the home because it was totally destroyed, you're still responsible for the loan before you get whatever's left over.
Which type of insurance reduced over the life of the policy?
Decreasing term life insurance usually purchased to cover a mortgage loan for whatever the loan period is. This type of coverage is not available by most life insurance companies.
When someone dies what happens to the mortgage loan?
It is normal for people with a mortgage loan to have a life insurance to cover the amount of the loan. If this is the case the insurance will pay off the loan and the property will become part of the dead persons estate in its entirety and (after inheritance tax) the heirs will inherit it. If there is no insurance then the outstanding balance of the mortgage becomes a charge on the estate of the deceased and if there is not enough money available to pay this, then the house will have to be sold to realise this money. If after the sale of the house the estate is still short of funds to cover the mortgage (after funeral expenses are met) then the mortgage company will have to take that loss.
What does gap cover?
GAP insurance will pay the difference between what your car is worth and what is owed on the loan.
Do you have to pay off the car loan if you total the car?
Yes. Hopefully the car is insured, and the insurance money recieved will cover the loan of the car.
Does gap insurance cover the remainder of a loan from a voluntary reposession of a vehicle?
Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.
