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Usually a lienholder (a bank, an individual party) requires that the vehicle you purchased from them to have automobile liability insurance. Usually, they want you to carry a $250 Collision and $250 Comprehensive deductibles. They must be added as an additional insured to the auto policy. In case the vehicle is totaled before it's fully paid, they are added as a payee on the check. The loan balance has to be satisfied first. The deductible is applied prior to the check being issued.
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What covers vehicle storm damage?
Comprehensive, or "other than collision" coverage. Under most states policies, it is under Part D--Coverage for Damage to Your Auto. You can select the level of deductible you want. Check with your lienholder as some have strict requirements regarding the deductible you choose.
What is my liability as a lienholder on a motor vehicle?
The lienholder has no liability for any damage done by the buyers vehicle.
What is the correct spelling of deductible or deductible?
deductible
Can your car be repossessed from the towing lot that towes your wrecked vehicle?
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
Is it deductible or deductible?
It is "deductible," except in Australia, where it's spelled "deductable."
Can a second lienholder of real property foreclose?
Yes. The second lienholder can foreclose. The new buyer is still responsible for any senior liens.
Which type of deductible requires a new deductible for each separate claim?
Straight Deductible
If primary borrower gets behind in payments can you repo car?
If "you" are the lienholder then yes. If you're not the lienholder or their authorized agent (e.g. a repo man working for them), then no.
Do you have to pay the deductible if you hit another car?
If your policy contains a Deductible clause then yes you will have to pay your deductible.
Who does insurance company write check to from stolen car?
Either to the owner or lienholder depending on if there is a loan on the vehicle and if there is a loan, how much is owned. The lienholder gets paid first.
What is the average deductible for antiques insurance?
The average deductible varies depending on your company. However, on average, the deductible is about $1000.
Can you cash check made out to lienholder?
Call the bank and ask them if you can cash a check made out to lienholder. They will tell you if they will cash it or not, or under what conditions they will cash it. You may need to present them with documentation.
