by Guest » Thu Nov 26, 2009 03:48 pm
We live out of the country and had lender permission to take our venicle with us. We are not returning to US anytime soon. Our lender requires US auto insurance. When our US insurance expired they would not renew since they cannot cover the vehicle out of the country and said we're paying a premium for nothing. We secured local full coverage auto insurance naming the lender as beneficiary and sent this to the lender. Now they are charging us for forced placed auto insurance even though that company will not pay for a loss incurred in a foreign country eiither . What can we do?
Posted: Thu Nov 26, 2009 05:00 pm Post Subject:
Nothing, you agreed to it when you made the purchase and named the lender as the beneficiary. The forced plan is designed to protect the lender in case the property is damaged, it protects the property against the lein.
Posted: Thu Nov 26, 2009 08:10 pm Post Subject:
yikes - sounds pretty nasty.
you could look for some sort of international automobile insurance cover? Might be cheaper than the forced cover and your local cover combined.
Otherwsie it looks like selling the car and getting a different one might be your best bet - if only to discharge the debt so you don't have to pay for the extra cover.
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