Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400. ...
Asked in Personal Finance, Loans, Money Management
What happens to the loan when the car is stolen?
The insurance should pay the loan (if your lucky it'll pay all of it) If there was no insurance then you still have to pay for the loan. I had a car stolen and I had to keep paying for it until the insurance finally paid it off and I was left with $50 in the end to get a new car with. ...
Asked in Repossession, Insurance
Can your car be repossessed if you do not maintain insurance coverage on the vehicle?
An automotive loan usually contains a clause that says the loan recipient must maintain insurance on the car for the life of the loan. Usually, this includes not only the legal minimal liability insurance, but also theft, collision and fire insurance. If you are in breach of the loan agreement, your car may be subject to repossession, depending upon the terms of your loan agreement. ...
Asked in Auto Loans and Financing, Personal Finance, Insurance, Auto Insurance, Auto Insurance Claims, Loans, Money Management
Coverage on auto insurance when you have a car loan?
Yes, you should get auto insurance coverage when you have a car loan, and even when you don't have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads.. ...
Asked in Auto Insurance
Does the car insurance pay the debt when the owner dies?
Normal car insurance Liability, Collision, & Comprehensive will not pay off the loan. You would need to get the proper insurance for this purpose. Either life insurance or insurance for the purpose of loan payment. ...
Asked in Auto Insurance
Who should be on your car insurance?
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. ...
Asked in Auto Loans and Financing, Repossession, Loans
What happens to balance on car title loan when car is stolen?
Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only. ...
Asked in Vehicle Titles, Auto Loans and Financing, Repossession, Personal Finance, Loans, Money Management
What happens if you Car title loan in default and car is totaled?
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car. ...
Asked in Drunk Driving (DWI or DUI)
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. ...
Asked in Auto Insurance Claims, Liens
Who gets paid if a financed car gets totaled?
If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency. On the other hand, any amount left over after the loan has been paid will go to the car owner. If a car with an outstanding lien gets "totaled" in...
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 car. Gap insurance pays when the amount...
Does a car insurance cover pay off on car in case of death?
Unless the person died while wrecking the car, no. I believe you are looking for a type of life insurance that pays the loan balance upon death of the owner of the loan and vehicle. This is mortgage life insurance. ...
Can you be liable if someone was driving your car and he hit a pedestrian walking out of a crosswalk?
It was your car so your insurance will have to pay. Never loan a car out to someone who is not on your insurance policy. ...
Is it possible to get a car loan to get a car but put the car as immobile so you won't have to pay full insurance on the car?
NO, all insurance companies require you to carry insurance on a vehicle with a lien. What if it catches on fire or is stolen. ...
Asked in Cars & Vehicles
Cheap car insurance?
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. ...
Asked in Repossession, Auto Insurance
Can your car be repossessed due to lack of insurance?
No, but it can be impounded by the police. Lack of insurance is a crime, generally a misdemeanor, but if the degree is severe enough the police can impound it as evidence in a criminal case. To get your car back, you would need to provide proof of insurance, a valid driver's license for the owner of the car and the insurance, and pay the fine for the crime as well as the storage fees for the car while it was...