Most likely the check will be made out to you AND the LENDER.
The insurance check will most likely have the lender name on the check. therefore, the lender will either use the check for the original intent, to have the repairs made, or keep the check and salvage the vehicle holding you responsible for any shortage in the original loan value. by the same token you should be refunded any money if the check exceed the balance of the outstanding loan.
The finance company will sell the wrecked car and you will be liable for the balance on yourloan less whatever the car sells for which in your case will be almost the total of your outstanding loan.Then they will come after you for the money.
Of course not! It wasn't stolen or wrecked, it was taken from you for failure to pay on the loan!Be sure to cancel the insurance.
No Way. Just like an auto insurance company writing full coverage on a wrecked automobile.
The un-insured driver will have to turn to their health insurance company for coverage if he carried no auto insurance.
Depends, you have to ask your insurance company
Whomever the car is titled to. You will have to sign the title over to the insurance company since they essentially bought the wrecked car from you.
It depends on the insurance coverage, and what caused the wreck. But allowing the coverage covers the incedent the insurance company will pay the VALUE DETERMINED BY THE INSURANCE COMPANY. Not what you think it was worth. I have about $40,000 in a car the insurance comapny will pay $3,000 for if it gets wrecked.
If they had your permission to drive, then your insurance company should cover it. They should, however, check with their insurance company and also cover any out of pocket expenses to get it fixed.
When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.
Did you have insurance when it was wrecked???
NO, That's what car insurance is for.
If you buy a car, lend it to a friend and it get wrecked then you have to get it reposessed with a bk. What can the creditor do if the car is wrecked? Even after the bk can you be charged for missing or broken parts?