Why is the bank still charging me for forced coverage insurance?
Question:
Answer:
Most likely it's because in order to protect the banks investment (as the lean holder they consider your vehicle their investment until the loan is paid off) the bank is doing first what it believes is in the best interest to protect it's self.
Though I don't know that they can continue to force you to continue carrying their coverage without just cause. Especially if you added the vehicle in question to an insurance policy that you already had. If you did add the vehicle to an existing policy, then you should be able to show them that you're not the one that had let the insurance lapse and now that you've added it to your policy it's no longer a risk because of your history with the insurance policy holder. If you didn't add the vehicle to a policy and just started a new one, then you may have to pay for the next six months of coverage in advance in order to get the bank to stop charging you.
Regardless, if you show that had your own coverage while being forced to pay for the banks forced coverage as well then I would think you'd be reemburced at some point (perhaps not until the loan was paid off) for one of the policies. Most likely the lesser of the two, if they did repay the costs.
More importantly then that is what are you doing about the Auto Management company that sounds like they have provided you with nothing but headaches? I can't imagine that you entered into an agreement with the auto management company without having signed some type of contractual agreement, discribing what exactly all parties involved would be responsable for while they were managing your vehicle.
If there was a contract you signed you should probably consider having a lawyer review it. If they failed to maintain their contractual obligations then you should be able to demand, if nothing else, that they repay you whatever payments they failed to make, any money that you've been charged in late fees, any additional expenses you've encored as a result of having to cover their part of the contract, and I would imagine you would be entitled to something for your troubles. Basically it would be a breach of contract, if they failed to uphold their end of the contract. Additionally you may be entitled to money from them because they forced you into financial hardship when you had to cover their end of the costs. In any case you should probably talk to someone about the whole thing, you might even start with the BBB and ask them what they would suggest you do after you file a complaint against the auto management company with them.
I never heard of such a thing as forced coverage insurance and someone else driving a car that still belongs to you. Is there a reference web site that describes that more?
That's the way banks are these days, and other organizations like them.
Go hire a big JEW lawyer, to fight the big JEW bankers that have taken over almost every aspect of economics in this country as a big thank you to us for saving their asses from the Holocaust.
Then, if you win, you can finally pay your big JUDEN mortgage from the big JUDEN other bank.
Speak to them, they will guide you in such a situation i think,
"http://www.jdoqocy.com/email-1961891-104...
"http://www.jdoqocy.com/email-1961891-104...
So . . . they acknowledge the new insurance, but are still charging you? OK, this is what I think is really going on: They acknowledge receipt of the policy in the new person's name . . but that's not YOUR insurance, and your deal with this other party is not relevant to your deal with the bank. So. Your best way out of this is to get your OWN insurance policy again, in your name. Although you can't make that other person pay for it, it's cheaper than forced coverage.
This is why it's a bad idea to do the deal you did - if this other party totals your car in an accident, you are seriously screwed - effectively , their policy only has to pay up to their ownership interest in the car - ie, nothing - and YOU still have to pay for the loan. You're best off flat out selling your car. Of course, if the other party COULD have purchased it or gotten a loan on their own, they wouldn't have to go through this "auto management" company.
It's a bad deal. Run away! Run away!!
Your new insurance company has the bank shown as leinholder. Call your insurance agent! If the bank is not shown, ask them to do this. Then the bank has to take off the extra insurance, because you can't legally have two policies on a car.
Somebody slipped up, and you shouldn't have to pay twice. If you take in a copy of your current dec page showing them as lein, that's all it takes. I am sorry you got yourself in this mess, but you shouldn't be required to have 2 policies...that unlawful...at least in my state. I would call the insurance commissioner of my state if nothing else. I know you are stressed, you have reason to be, but keep fighting because man, you are getting screwed. I am a insurance agent, and I never heard of this...I know my state would not allow this. Please give the commissioner a call if the bank doesn't want to take off their policy. Take care, and I hope you find yourself a nice big refund check in the mail soon! God bless us all......
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