by itb031260 » Thu Jan 14, 2010 06:30 pm
I have 2 cars financed through a bank and I have full coverage insurance on one of the cars but not the other one because it is not working and has not worked for a few months. I'm hoping to have it back on the road in a month or so but the bank will not take the forced insurance off until both cars have full coverage and they have proff that the one has full coverage. Is that legal?
Posted: Thu Jan 14, 2010 06:53 pm Post Subject:
Yes. Even though you are not driving the car, if it burnt up or was damaged in some way even in a garage the bank would want their interests covered.
Posted: Thu Jan 14, 2010 08:59 pm Post Subject: forced place insurance.
I understand that part but They have put force coverage on both of my cars and i have insurance on one of them but they wont take the force coverage off the one that I have coverage on until I get both of them on. Is that right?
Posted: Fri Jan 15, 2010 12:53 am Post Subject:
Is that right?
No...they can only put the forced coverage on the one without collision and comp coverage, btw did they tell you how much that is? WAY cheaper to get thru an agent or company..and it's ONLY coll/comp they put on it NO liability coverages.Contact them again, tell them you will fax them proof on the one vehicle and they'd better refund that amount or take it off your note..or you'll be reporting them pronto...
They are definately within their rights to put it on ANY uninsured vehicle
Posted: Mon Jan 25, 2010 08:37 am Post Subject: Forced Insurance
They can put a forced insurance on any uninsured vehicle irrespective of its condition. It does not believe that vehicle condition is a factor when it comes to your payment. However, they can put forced coverage only on the one that does not have full coverage and collision insurance. So get in touch with your company and show them proofs of the one that is insured and ask them to take off the forced insurance on that car.
Posted: Mon Jan 25, 2010 12:53 pm Post Subject:
only on the one that does not have full coverage and collision insurance.
Forced coverage is collision and comp coverage ONLY.Posted: Tue Jan 26, 2010 12:03 am Post Subject:
Lori is correct.
Posted: Tue Jul 13, 2010 12:50 am Post Subject: how much do i pay
I had force placed insurance on a vehicle when i found out,2 months later i bought insurance now they insist I owe them for the whole year even thought 10 months I had my own insurance. How can they charge for time I had my own insurance,I sent them proof??? How can that be legal? I live NJ
Posted: Thu Jul 15, 2010 12:29 am Post Subject:
Check with the bank. Make sure the proof of insurance you sent them matches the dates they requested proof of coverage for. Make sure your deductibles for Comp and Collision are not exceeding the amount they require per your contract with them for the loan. Make sure your bank is listed on your Auto policy as a lienholder for the vehicle. If all of this checks out, they should be willing to remove the force placed coverage and refund the premium to you.
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