Posted: Mon Oct 01, 2007 2:57 am Post subject: if creditor own the insurance interest about the guaranty.
If I lended someone loan and he mortgaged his car for loan to me. I thought it's guaranteed to buy a car insurance for the car. so, we had done .The names of policy holder and insured were filled with my name for convenience. afterward, the debtor drived his car out and the accident happened. The car was damaged badly. So ,we applied for the insurance compensation .Though the insurance company had admited this accident belong to a insurance responsibility,but they refused compensation.Their reason is that the car was not belong to me and I was not the car's owner.
So, the inusrance company thought the insurance contract is invalid and they should send back the insurance fee payed to the car ownship. I want to know if I have the title for the insurance compensation as a lender or creditor and the car being mortgaged to me? Thanks.
Its look like a case of Insurance fraud. File a complaint against this insurance company of your State DMV office. _________________ Procrastination is the enemy of your financial sucess
Even I think this is a case of Insurance fraud. The insurance company must have verified before providing the insurance that the car owner and lender are different. So in that case you are liable to get the compensation. If this kind of claim is not applicable in your state, then your insurance company should have informed you before when you had actually bought it.
liaoyu03
