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Natalie Said:

will my insurance company cover the price of my car loan?

We Answered:

Unless you're policy is on an agreed value basis (only available on restored classic or antique vehicles) or your policy has some sort of endorsement that waives depreciation (only available is your purchased a new vehicle and you are it's first owner) your policy only covers (and is rated for) the actual cash value of the vehicle. So if your vehicle is worth $15,000 then that is all you would get if you had a total loss. If you had GAP coverage (which is a separate policy usually sold by the dealership) then that coverage would cover the difference between the actual cash value of your vehicle and the amount remaining on your loan.

Amber Said:

Is there any way I could change my insurance policy from being full cover to PIP only if I have a car loan?

We Answered:

Well, you'd be violating your loan contract, and it won't save you money.

So yes, your insurance agent can drop all that extra coverage. Then, your lender gets notified that all those coverages have been dropped, and THEN, in accordance with your loan agreement, they put "forced placement" coverage on you, and BILL YOUR LOAN for it. So, what was costing you $200 a month on your personal policy, will cost you about $600 a month, on your loan. That means, the first $600 every month that you send in, pays for the insurance (which, btw, won't pay YOU, only the lender). If you don't send in an extra $600 a month with your payment, within three months your car will be reposessed. Because, of course, you aren't making the LOAN payments, and you're only making partial INSURANCE payments.

So that's not going to work, in the long run - it will cost you MUCH more money by violating that lending agreement.

**Mitch doesn't realize in FL, you do NOT have to carry liability insurance - it's a true "no fault" state. But it's still a good idea, in case you ever want to drive out of the state.**

Beth Said:

I need to get a personal loan to help me pay for a surgery that my insurance wont cover.?

We Answered:

The big prpblem is that you need money. Your best bet is a personal loan through a credit union or similar. Don't use credit card or financing arranged through the doctors. It may sound tempting but you will end up paying through the nose and need a second operation (pun intended). If you can pospone you surgery, and since the insurance company won't cover it, it sounds like it is elective surgery you can take the time to shop around. Taking out loans is our price for being poor, but you don't have to pay someone big bucks just because you aren't rich. If you take out the wrong type of loan you could be paying thousands and thousands over many,many years.pp

Wanda Said:

took loan out with insurance to cover for sickness and unemployment been sold adud were to get advise help?

We Answered:

Is there a financial ombudsman? Failing that CAB should be able to help you. Depends why its a dud.

Jon Said:

I want to get lap band surgery and insurance won't cover it and I can't take out a loan. How can I pay for it?

We Answered:

In the US it is maditory that ins companies pay for weight loss procedures....given that you fall into their categories. You must be at least 100 pounds overweight. Weight loss surgery isnt the fix all and you still have to change your habits.

Do a google search for medical procedure financing. You should be able to find some place which you can apply for credit. Or you can always do it the old fashioned way and go to the bank.

Loretta Said:

why won't my gap insurance cover my loan?

We Answered:

Maybe your car wasn't totalled? Maybe the loan included something BESIDES your car, like an unsecured amount for your PRIOR vehicle?

They should be TELLING you why they aren't paying off the loan. Request it in writing.