I don't want to pay for full collition, only PLD coverage ?
Beacase the bank is loaning money, do have to put full collison or shop around to other insurance company.
2007-05-11 10:27:01 · 2 answers · asked by blah 1 in Cars & Transportation ➔ Insurance & Registration
Ayup.. its THEIR car until you pay for it and they want to be sure to protect their investment. Its the same as homeowners are required to get insurance on the homes as much to protect the lender as to protect themselves.
When you casually hit that freeway divider at 80mp, and they scrape you off the wreckage before sending it to the scrapyard, rest assured the bank will be paid for the loss of their car.
This is a part of the 'Golden Rule' of banking,.... which translates out to 'the bank always gets their gold'.
.
2007-05-11 10:33:11 · answer #1 · answered by ca_surveyor 7 · 1⤊ 0⤋
Collision and comprehensive or you don't get the car, simple as that. How do you expect to pay for the car if it is stolen, or written off in an accident? PL/PD only pays for damages and injuries you cause to others, it is not insurance on the car in any way, shape, or form. You are financing a car, the bank has to be protected.
2007-05-11 19:04:19 · answer #2 · answered by Fred C 7 · 1⤊ 0⤋