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yorkieusa 04-28-2011 05:16 PM
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?

dogbert 04-28-2011 05:19 PM
Depends on the lien? I the Co. covers it no if they pay part you have to pay the balance.

my2boyz 04-28-2011 05:22 PM
Shouldn't it be covered under the vehicle policy?

tjdmom 04-28-2011 05:23 PM
I would think that insurance would cover it but if no insurance, then yes, you're responsible.

yorkieusa 04-28-2011 05:26 PM
Quote:
Originally Posted by my2boyz (Post 3516812)
Shouldn't it be covered under the vehicle policy?
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!

my2boyz 04-28-2011 05:45 PM
Quote:
Originally Posted by yorkieusa (Post 3516819)
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!
That's what we've always been told...if on the street the vehicle policy covers it but in the garage it should be under the home owner's policy. Some companies may do things different though.

yorkieusa 04-28-2011 06:09 PM
Quote:
Originally Posted by my2boyz (Post 3516855)
That's what we've always been told...if on the street the vehicle policy covers it but in the garage it should be under the home owner's policy. Some companies may do things different though.
That makes sense.

KazzyK810 04-28-2011 06:16 PM
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.

yorkieusa 04-28-2011 06:31 PM
Quote:
Originally Posted by KazzyK810 (Post 3516909)
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.
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.:D

KazzyK810 04-28-2011 06:52 PM
Quote:
Originally Posted by yorkieusa (Post 3516944)
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.:D
It's covered under the Comprehensive part of your auto insurance.

yorkieusa 04-28-2011 07:09 PM
Quote:
Originally Posted by KazzyK810 (Post 3516988)
It's covered under the Comprehensive part of your auto insurance.
Thanks.:) You must read your policies.


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