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Vehicle insurance is one of the most important things a driver can buy. Without insurance, some drivers involved in an accident can be stuck with hundreds of thousands of dollars worth of damages that they have to pay.
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∙ 12y ago
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Can there be more than one insurance policy on one vehicle?
You can not insure a vehicle for more than its value so more than one insurance policy would be a waste of money.
Is car rental insurance a waste of money?
Car rental insurance is definitely not a waste of money - it can protect you in the event of an accident. For more information online you can visit www.travelsense.org/tips/carrentaltips.cfm
What if i wreck my vehicle and it's not paid for?
Drivers are required to have insurance. If you wreck your vehicle, the insurance company will pay for it. If you are driving without insurance in a vehicle that is not paid for, you still are obligated to repay the money you borrowed to buy the car. It is not the bank's fault that you wrecked the vehicle.
What do you do with your auto insurance when you sell the auto?
You need to call your insurance company to remove the vehicle from your policy. If you are getting a new vehicle, you need to add that vehicle on. If you are not getting a new vehicle, the insurance company will send you a check for whatever amount of money you had left on the policy that was not earned because you did not have the policy for the full term.
If your vehicle is stolen and the insurance company pays you off then the vehicle is recovered do you have to pay the money back?
You either have to return the money or not keep the vehicle. You don't get the benefit of both the value of the car in cash and the actual car.
Who gets the claim money car owner or policy holder?
The car owner and the policy holder better be the same person. If not nobody will be able to get the money. You cannot insure a vehicle that you do not own. If you do the insurance company cannot pay the policy holder because they don't own the vehicle. They can't pay the vehicle owner because they don't have a contract of insurance with the insurance company.
Is it legal to not get your car fixed and pay off the car with the insurance money and get a new one with the balance of the payout?
If the car is entirely in YOUR name, the money from the insurance payout is entirely yours. The insurance payout is reimbursment for damages. You are at liberty to sell the damaged vehicle and purchase another with the money, spend the money on something else or whatever you want to do. Recognize, however, that if the bank holds title to the vehicle because of a loan, the money from the insurance company must be used to either repair the vehicle and bring it back to a value that satisfies the bank's need for collateral or you must use the money to pay down the loan.
Is it ok for a family member to purchase his own car insurance to drive the familys car?
No. You cannot purchase insurance on a vehicle you do not own. Also, there can only be one insurance policy on any one vehicle. If someone else insured a vehicle already insured it would be nothing but a waste. His company cannot pay a loss that happened on a vehicle he didn't own and the family insurance will possibly deny a loss that occurred with a unlisted driver.
Is credit insurance worth the money that it costs?
While it is not true that credit insurance is a waste of money, it may not cover all costs that are incurred. You can find more information online at en.wikipedia.org/wiki/Credit_insurance
What are car insurance auctions?
If you wreck your vehicle, the insurance company pays you off and you give them the title for the vehicle. The insurance company then turns around and sends the vehicle to an auction (usually for dealers and wholesalers only) and sell it. Most of the time a salvage company will buy the car for parts and the insurance company can recoup some of their money.
Is recreation vehicle insurance expensive?
While most vehicle insurance does quite a bit of money, having insurance is always a good investment. Companies like Good Sam and GEICO offer insurance packages for RV's with monthly rates ranging from $50 to $200.
What happens if you don't repair the car with the insurance reimbursement?
Nothing, you have extra money and a broken vehicle.
