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04-28-2011, 05:16 PM | #1 |
Crazy about Kacee! Donating Member Join Date: May 2005 Location: Kansas
Posts: 21,173
| Does anyone know? I was wondering what happens when someone has a new car with a lien on it and it is destroyed in a tornado. Is the owner still responsible for repaying the loan or what?
__________________ Karen Kacee Muffin 1991-2005 Rest in Peace My Little Angel |
Welcome Guest! | |
04-28-2011, 05:19 PM | #2 |
Donating YT 1000 Club Member | Depends on the lien? I the Co. covers it no if they pay part you have to pay the balance.
__________________ Mammadoodle to my Yorkiedoodle Barney and our crazy cat Ms. Sassy Pants. RIP Audrey-Belle Within the heart of every stray lies the singular desire to be loved |
04-28-2011, 05:22 PM | #3 |
Donating YT 1000 Club Member Join Date: Jan 2006 Location: In my house :)
Posts: 5,219
| Shouldn't it be covered under the vehicle policy? |
04-28-2011, 05:23 PM | #4 |
Donating YT 500 Club Member Join Date: May 2007 Location: upstate ny
Posts: 5,847
| I would think that insurance would cover it but if no insurance, then yes, you're responsible. |
04-28-2011, 05:26 PM | #5 |
Crazy about Kacee! Donating Member Join Date: May 2005 Location: Kansas
Posts: 21,173
| I wondered that, too. I'm not in that situation, but I see a lot of people will be and I was just wondering. If it was housed in the garage of your home, wouldn't it be covered under the homeowner's policy? If it was parked somewhere else or on the street, then what? I was just curious if the people who own all of these cars are responsible for repaying their loans or if there is something I'm not remembering. It certainly goes beyond hail damage when it's bent around a tree!
__________________ Karen Kacee Muffin 1991-2005 Rest in Peace My Little Angel |
04-28-2011, 05:45 PM | #6 | |
Donating YT 1000 Club Member Join Date: Jan 2006 Location: In my house :)
Posts: 5,219
| Quote:
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04-28-2011, 06:09 PM | #7 |
Crazy about Kacee! Donating Member Join Date: May 2005 Location: Kansas
Posts: 21,173
| That makes sense.
__________________ Karen Kacee Muffin 1991-2005 Rest in Peace My Little Angel |
04-28-2011, 06:16 PM | #8 |
Donating YT 2000 Club Member Join Date: Jan 2011 Location: Michigan USA & Sheffield UK
Posts: 4,119
| I thought all vehicles with liens had to have insurance on them, and your loan company is the first one notified is you let your insurance lapse.
__________________ Karan & ZoE (Chelsea ) |
04-28-2011, 06:31 PM | #9 |
Crazy about Kacee! Donating Member Join Date: May 2005 Location: Kansas
Posts: 21,173
| I was trying to figure out if they were covered if they were destroyed by a tornado. I know an insured car is covered by collision/hail damage - that sort of thing. I suppose we all need to read our insurance policies.
__________________ Karen Kacee Muffin 1991-2005 Rest in Peace My Little Angel |
04-28-2011, 06:52 PM | #10 |
Donating YT 2000 Club Member Join Date: Jan 2011 Location: Michigan USA & Sheffield UK
Posts: 4,119
| It's covered under the Comprehensive part of your auto insurance.
__________________ Karan & ZoE (Chelsea ) |
04-28-2011, 07:09 PM | #11 |
Crazy about Kacee! Donating Member Join Date: May 2005 Location: Kansas
Posts: 21,173
| Thanks. You must read your policies.
__________________ Karen Kacee Muffin 1991-2005 Rest in Peace My Little Angel |
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