Does your car insurance cover your car if you loan it to someone in Texas?
Texas or not the policy you insurance company has you on determines that
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…
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.
If you were involved in an accident and did not have full coverage but the bank had put forced insurance on the loan will that insurance cover the totaled car?
If the vehicle is/was encumbered by the original loan then it should be insured. If there is no insurance or the insurance does not cover theft the purchaser is still responsible for the full amount of the loan. The issue of the vehicle being stolen does not affect the legal responsibility of the buyer to honor the loan contract.
If you accidentally burn your car up due to cigarette falling on floor will your insurance and GAP cover your entire loan?
Can you be liable if someone was driving your car and he hit a pedestrian walking out of a crosswalk?
If the car has full coverage and someone else is driving the vehicle will the insurance still cover both vehicles?
A good rule of thumb about car insurance is that the insurance follows the car. So, if you own a car, have full coverage, and loan the vehicle to someone, and that person has an accident, your car insurance will step in to cover both your car's damages and any property damage. This might not be true, however, if the other person is a resident relative (ie, lives in your house) and has access to…
What is the best car insurance India company Is there a loan company that do not require insurance on the car?
The best motor plan coverage India for you will depend entirely upon your specific requirements related to insurance cover, premium and a lot more. You need to get into a serious comparison for best auto comparison for insurance online. No. There is no loan company in India that will not ask you for insurance on the car.
Generally speaking, just you. In the U.S. in most states, your insurance covers anyone who drives the car (in the insurance business, there is a saying, "When you loan your car, you also loan your insurance). However, if there is someone who regularly drives your car besides you, you may want to have them listed as a driver.
Is it legal for the bank to require you to purchase home owners insurance for 3 times the value of the loan?
Your homeowners insurance in the United States must by law cover the value of the home being insured with no more than a 20% deviation. This may be more or less than the amount of your loan. No insurer will knowingly sell you a home insurance policy below the home value as such an insurance contract would be invalid. Homeowners insurance is for the home, not for the loan. You can purchase your homeowners insurance…
If you let someone ride your motorcycle and he crashed it do you file a claim with his insurance or your own for the repairs?
Unfortunately, no. What gap coverage does is pay the balance on your car loan if your car is totaled and the insurance payment is not enough to pay off the balance of your loan. Quite often our vehicles depreciate faster than we can pay them off. Insurance only pays the depreciated (blue book) value, so sometimes what you will get from your insusrance company doesn't pay off the loan.
Insurance is only required to pay fair market value of your car. If the retail value is 8,000 and you owe 12,000 on the vehicle, the insurance company will only cover the 8k If you take a loan on a car (especially one that depreciates fast) you can get GAP insurance which will cover the difference of what you owe and what your car is worth. This insurance usually costs betwee 50 and 200.00
What happens if your car is totaled and you are paid up on your insurance but not on your car loan will it be repossessed?
The insurance company would not be interested in repossessing a car that has been completely demolished. The insurance company will pay over any damages to the loan company since it has a lien on the car. You would receive any amount remaining after payment of the car loan. On the other hand, you will be responsible for any remaining balance owed on the car loan. That is why "gap insurance" is important for a financed…
If you loan your car which has liability insurance to a friend and he has an accident can other drivers sue you?
If you have your own car and there is not a loan or lease you may opt to have liability insurance because we provide the car insurance policy at the lowest cost. You will find out all about car insurance policy types and their benefits here. We provide all insurance news about car insurance which helps to cover your vehicle.
If someone dies while they still owe student loans can the government take the money from life insurance policy?
If someone dies and has a car on finance does it belong to the estate of the deceased if there was no insurance on the loan?
Physical damage coverage on an auto policy says that the insurance company has the option of paying to repair, replace, or pay the actual cash value of the vehicle. In the case where the damage to a vehicle's cost to repair is more than the ACV of the vehicle the vehicle is totalled and the company will pay the ACV of the vehicle. Sometimes when you buy a new vehicle without much or any downpayment…