2006-09-27 11:48:46 · 7 answers · asked by vicki10011001 1 in Cars & Transportation ➔ Insurance & Registration
Yes, the insurance company should have your finance company listed as a loss payee on the policy.
They insurance company will have to pay the bank to get the title to be able to salvage the car.
2006-09-27 13:41:40 · answer #1 · answered by msdagney 4 · 0⤊ 0⤋
IF your vehicle is financed the bank will be listed as the lein holder. So if the car is total an monies they will pay for it will go directly to the bank... an amouint left over will be due by you... unless you have GAP insurance so some other coverage that will pay it off..
on the other end if the amoun the insurance will pay is greater than what you own... the amount left over will be sent to you..
2006-09-27 11:57:37 · answer #2 · answered by limgrn_maria 4 · 0⤊ 0⤋
Straight forward - yes the insurance company does contact your bank.
2006-09-27 13:08:37 · answer #3 · answered by cheddarc2020 2 · 0⤊ 0⤋
If there is a lein on the vehicle the claims adjuster will call the bank for the pay-off amount.
2006-09-27 12:56:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The insurance knows who the lienholder is because it's on the registration. They would pay off whatever the value is to the primary lienholder first.
2006-09-27 12:28:52 · answer #5 · answered by CHAZ2006 3 · 0⤊ 0⤋
only if the bank is carrying the car loan..If it is paid for, no, as they would not have a loan to pay off, and the bank would not have a need to know.
2006-09-27 11:54:01 · answer #6 · answered by jst4pat 6 · 0⤊ 0⤋
Yes they do, especially if part of the settlement includes payment of the loan (and why wouldn't it?) Discuss it with your adjuster for more info.
2006-09-27 15:03:33 · answer #7 · answered by Chris 5 · 0⤊ 0⤋