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Insurance ?.........

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Old 08-04-2005, 05:07 PM
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Default Insurance ?.........

If your financing a car and it is stolen what does the insurance company do if you have full coverage.......

thanks,
Jaime
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Old 08-04-2005, 05:26 PM
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"were gonna void this insurance for modifications"
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Old 08-04-2005, 06:13 PM
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The insurance company will pay the value of your car regardless if you have a lienholder or if you hold the title. If the value falls below your loan payoff amount, the insurance company issues the payoff to the bank and you receive the difference between the payoff and the value. If the value falls below the payoff (i.e. you owe more than it is worth) the insurance company pays the value to the bank....the difference is your responsibility to the bank which is either paid directly by you or covered by gap insurance (if you have it).
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Old 08-04-2005, 06:14 PM
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werd. and take it from me...getting your car stole'd sucks
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