my car

Posted: Wed May 07, 2008 12:27 pm Post Subject:

For my Liabilty,can I put in a request, to put Rent-a-car insurance on? Or does the rent-a-car insurance have to be through a 'full coverage' policy?

Posted: Wed May 07, 2008 02:03 pm Post Subject: insurance

Ye...I've spoken to Nationwide. They would more than happy to do that. However....I had to take my car into them and get it 'inspected' ( had to look at the windshield to see if it's 'serviceable'..I mean it couldn't have cracks in it, etc.) I windsheils has a few cracks ( little round holes is the best way i can describe it), from rocks hitting it ( driving behind trucks, etc.) and I have to get the winsheild fixed first BEFORE I can add Full Coverage through them. Does this make sense? I'm sure i would save a BUNDLE doing this. yes...right now my Full Coverage is through the loan for my car.

Posted: Wed May 07, 2008 04:44 pm Post Subject:

OK...first of all- what happened to the OP Frank :?: :?: :?: Hmmmmm...love it when the question posed is incomprehensible and the OP never follows up...

As far as what SDChargersfan posted- Anytime that a lender places what's commonly called "Vendor's Single Interest" Insurance, or "VSI" on a car, it's normally due to the idea that the borrower either never insured the physical damage on the car naming the creditor as liendholder, or the policy has lapsed and the lender is protecting their interest.

As Lori said- having the lender provide the physical damage coverage is typically extraordinarily expensive, and remember- this is comp and collision coverage only and will NOT protect the insured from liability situations.

Why people let this occur is beyond me. The only thought that comes to mind is that the insured simply doesn't know any better. Now, SD- you know what's up and--- don't pay more in premium than you must!

InsTeacher 8)

Posted: Wed May 07, 2008 08:20 pm Post Subject: insurance

I'm alittle confused on your 'reply'. I have my car financed through Citifinancial. THEIR insurance is what the Full Coverage is through. At Nationwide, I have ONLY liability. How can I be the leinholder if my vehicle is financed through someone? Or...am I just NOT reading your reply correctly?

Posted: Thu May 08, 2008 11:54 am Post Subject:

Ins teach..re: l/h insuring vehicle I too have only heard of it happening for the reasons you said...which is sooooooo expensive!

SD...yes, it makes perfect sense that they want that w/s replaced (apparently they can't figure out a way to exclude it) before they will put comp (for sure) or coll coverages on your car...man oh man I wish all carriers did this (inspect and photo prior to writing) back in the good old days it was always done...now with internet...rarely...was it a ton cheaper? You should contact some glass companies in your area, I don't know the yr/make/model of your car if you want to provide it and city and state I can probably get close on what it would cost you...call the glass companies direct...not a body shop...I doubt it will cost that much and should save you a lot in the long run over your premiums....be sure if you do this that you have nationwide contact them (leinholder) immediately so they will stop charging this to you...

You see SD, I don't know what happened that caused your leinholder to put this physical damage coverage on your vehicle..something had to..but believe me they did it to protect themselves and as I'd said it usually costs twice what it would with a private policy....re: teach's comment on the physical damage part only...he just didn't catch that you had liability with nationwide....he was trying to warn you that leinholders only slap collision and comprehensive coverages on a vehicle...no liablity coverages, cause, well they don't care...except about their collateral, and why should they really....It's not ''full'' coverage that they have (really is no such animal) they only have collision and comprehensive coverages on your car...

Posted: Thu May 08, 2008 06:48 pm Post Subject:

"Full" coverage is normally considered within the industry as liability (Bodily injury, Property damage, Uninsured Motorist Bodily Injury and Med pay or PIP depending on the state) + physical damage coverage (other than collision, sometimes called comprehensive coverage and collision coverage)

Just about everyone that desires or is required (due to a lien on the vehicle) to carry physical damage coverage would simply purchase full coverage through their insurance company, like NATIONWIDE (!!). There are only a couple of reason that I would think that a person would purchase physical damage through their liendholder: (1) the coverage through the insurer has lapsed and the lienholder has placed the vendor's single interest coverage (physical damage coverage only) on the car to protect their interests; (2) the lienholder was not notified by the insurer that physical damage coverage is in force, either because the car was never added to the policy or the coverage was not added to protect the lienholder's interest, or (3) some cars will not qualify for physical damage coverage through certain companies due to age of the vehicle.

Other than those reasons, I see no possible reason why a person should have "full" coverage separated between the insurer and the lienholder. As mentioned previously, the cost for the physical damage coverage through the lender is ridiculously expensive, and commonly will cost more than full coverage purchased through the insurance company which will satisfy all lienholders.

sdchargersfan said:

How can I be the leinholder if my vehicle is financed through someone? Or...am I just NOT reading your reply correctly?

be sure if you do this that you have nationwide contact them (leinholder) immediately so they will stop charging this to you...You see SD, I don't know what happened that caused your leinholder to put this physical damage coverage on your vehicle..something had to..but believe me they did it to protect themselves and as I'd said it usually costs twice what it would with a private policy....re: teach's comment on the physical damage part only...he just didn't catch that you had liability with nationwide

Posted: Thu May 08, 2008 08:43 pm Post Subject:

SDchargersfan,
I've always been told that USAA has really great rates for members of the armed forces. Has this ever been sugested to you?

Check it out.

I recently had a client cancel their policy because they got a threat to force place coverage from their lienholder. I tried to explain that it was cheaper than her policy because it would not provide personal liability for her but she cancelled anyway. At least you've got liability coverage, but everyone else is right. I'd be amazed if you can't save money by having just one policy with the liability and physical damage coverage.

Even if it means you have to get your windshield fixed. The damage you described will probably cost less than what you'll save in the first year on insurance premiums.

Posted: Fri May 09, 2008 02:41 pm Post Subject: car

INSTEACHER...ok, I gotcha now!! Well...9 I think i said..) I have the 'Full Coverage' ( lack of a better word, I guess) though Citifinancial..where I have my loan through. THEY are the ones who paid for my car damamge, MINUS the Deductible. It WOULD be cheaper to go through Nationwide. I've talked to BOTH, Citi and Nationwide. Citi has NO problem 'giving up' the 'Full Coverage'. However...it's the 'window thing' i have to take care of first. According to citi as long as the car si financed I HAVE to have SOME KIND of 'Full Coverage' on it ( makes sense to me). Also...to answer your question, INSTEACHER..when I FIRST got insurance, through Nationwide, i had a VERY OLD car ( a 88 Baretta) so I never put 'Full Coverage' on it..just Liability. If I had gotten into a wreck, the car would be 'totaled' anyway. Hope that answers the question. LORI...I have the Pink Slip to the title, to the car. Citi has the title. FISHMAN....no, no one has told me about USAA. I probably should have known. LOL ( Having a 'senior moment' I guess..LOL) Are the rates cheaper? Arethe benefits good?

Posted: Sat May 10, 2008 11:57 am Post Subject:

I HAVE to have SOME KIND of 'Full Coverage' on it ( makes sense to me).