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Question 17 of 44 in Liability Coverages |
I financed my car through a bank and at that time could not afford comprehensive and collison coverage. The bank secured coverage on my vehicle. Can they do this? |
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Yes. If you finance or lease a vehicle, the bank or leasing company will expect you to have enough comprehensive and collision insurance coverage to protect their interests. If you did not have such insurance and the vehicle was severely damaged or stolen, the bank or leasing company could look to you for the value of the remaining financing of the car. Since the car has been destroyed or stolen, you might, understandably, feel reluctant to pay for a vehicle you can no longer use. For these reasons, the insurance company will get secure coverages for you if you do not – and expect you to pay the premiums. |
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