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What are VA motorcycle insurance laws when you have a lien holder?
Wiki User
∙ 16y ago
I think you are confusing the Insurance laws (questioner) with the contractual obligation you have with your leinholder that most likely requires proof of insurance as a term in the their loan agreement with you. As a side note, most leinholders will (if you do not) get coverage (that you will pay for) on that property, and it generally is at a much higher rate than you can get it for privately. Insurance Laws in your state are regarding your Financial Responsibilties when operating a motor vehicle on public roads. Your state insurance laws have no bearing whatsoever on your contractual obligations to your Lien Holder.
Wiki User
∙ 16y ago
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Who needs lien insurance?
The lien holder would. A lien holder has a financial interest in the property
Do insurance companies contact the lien holder if insurance is cancelled on an automobile or motorcycle?
Yes, they do let the lienholder know when it has been cancelled or if the full coverage has been cancelled.
What if I never received the title to my motorcycle because I filed bankruptcy and didn't pay the motorcyle off but the lien holder didn't come get the motorcycle.?
The motocycle is not yours. You must write to the lien holder and ask them if they have any ojection to you disposing of it.
How do you remove a lien holder off an abandoned motorcycle in New Hampshire?
Generally to remove a lien, you have to pay the amount of the lien to the lien holder. Even if it is abandoned, the lien holder still has a financial claim against it that must be satisfied before the title is clear. The only other possibility is to show a court that the lien is not legitimate.
Can a lien holder file an ins claim on customer's auto policy?
No a lien holder can not file a claim against the insurance company as they are not the named insured, you are. Although if there is a lien on the vehicle the insurance payment for damages to your vehicle will be in your name and the lien holder name. They then might require that you fix the vehicle so they can protect their interest in the vehicle. each lien holder is different. CORRECTION: If the lien holder is named on the policy and the vehicle has been repossessed, the lienholder has a right to recovery under that policy.
Does an insurance company have to pay the lien holder directly after an auto accident?
An insurance company generally does not pay the lien holder directly. The vehicle owner is responsible for paying for insurance coverage and will often deal with the insurance company themselves after a collision has taken place.
If the lien holder was supposed to repossess a motorcycle but never did can you sell it and how do you obtain a title?
No. A vehicle cannot be sold without a clear title and the only way to obtain such a document is through the lien holder.
Is it the responsibility of an insurance company to notify the lien holder on a vehicle if any change in coverage?
Yes, they are required by law to notify your lien holder of any change in coverage.
If you are the lien holder on a car can you reposs a car if there is no insurance on it?
Whether or not a lien holder can repossess a car if there is no insurance depends on the contract, local law, or both. In this state, a verbal contract is valid. You will need to check local law.
What happens if you do buy a car or motorcycle that has a lien against it and you want to register it and you got the car with a bill of sale?
you will have to find out who has a lein on it have them fill out a fourm of lein satisfy. In most states a lien holder is recorded on the title and the lien holder will keep the title until the lien is paid off. After the lien holder is paid off, they will sign the title to release the lien and give/send the title to the owner. The title office can tell you who has a lien on the title.
Do I need homeowners Insurance after I pay off my mortgage?
Only a lien holder can require a borrower to carry insurance.
Is an assignee a lien holder?
An assignee of a lien is the new lien holder.
