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because they require that you list them as a leinholder on your insurance policy and the insurance company is required to sent them a copy of your policy
Jesse
Banks require full coverage a lot of the time in order to protect the value of what they are financing for you.
Generally after you secure a loan, your insurance company should send the bank your insurance information. If they don't get that proof of insurance, the bank might take insurance out for you and tack that on the loan balance.
But they could very well also just simply hold you in breach of contract and try to call the loan or take you to court - especially if the value of the car drops dramatically (e.g., totaled in accident) and the bank cannot recover the entire loan balance.
I hope that helped.
kjsouder@sbcglobal.net
You have to send a copy of your insurance policy to the lender. The insurance company usually does this for you. That's how they find out.
j b
Never never use the term full coverage.. dont ever buy a policy from an agent who uses the term full coverage...
Either your agent or your carrier will send a proof of liability and comp/collision to the dealer or lender... If your policy cancels, chances are the bank will find out as well..
loving30
the 'finance people' will ask you to provide a certificate of currency to prove you have full cover insurance before they agree to release the funds.
whether they ask you directly or go through the dealer really depends on who organised your finance for you (ie did you sort it out or did the dealer do it for you?)
if the car is under finance for a few years, then the finance company will be listed on the insurance policy and the financier / insurer can deal directly with each other at each renewal to ensure that you still have full cover - otherwise the finance company will write to you to request you supply it again.
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