My insurer needs my finance company !

by Guest » Tue Oct 03, 2006 05:39 am

My car has undergone a minor damage from an accident, and now my insurance company wants my finance company to share the endorsement for its damages with me. Is that mandatory ??

Total Comments: 3

Posted: Tue Oct 03, 2006 06:19 am Post Subject:

hi! just like any other bank or lending institution your finance company must have been the lien holder or loss payee under your vehicle-collision and comprehensive coverage. Thus it was also protected under that policy just as you are !

Posted: Tue Oct 03, 2006 07:21 am Post Subject: they have their own reasons !

hey there… I clearly understand your point !
You simply wanna establish the fact that your damage was worth a very small amount. Am I right ??

This endorsement might seem a bit more tedious right now, but believe me these small claims more often lead you to a lot of abuses or neglect. Its quite evident from the records, that finance companies need to confiscate or repossess some vehicles each year in order to meet the losses as a result of non-payment towards loans.

Their losses are magnified when they get to confiscate a damaged vehicle. This happens especially when the insured has not repaired the vehicle with the amount that he received as compensation to repair a minor damage. Thats why they simply wanna make sure that they are paying for the right reason once it has been verified by one of their representatives.
thanx, fatman

Posted: Tue Oct 03, 2006 09:07 am Post Subject: Updates

Hi,just wanna get you informed !

If you gotta forward the check to your finance company, make sure you forward it thru a registered mail. Don't forget to keep a copy for future needs as well ! Regards.

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