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What is a lienholder deductible?In: Auto Insurance [Recategorize] |
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Answer
Usually a lienholder (a bank, an individual party) requires that the vehicle you purchased from them to have automobile liability insurance. Usually, they want you to carry a $250 Collision and $250 Comprehensive deductibles. They must be added as an additional insured to the auto policy. In case the vehicle is totaled before it's fully paid, they are added as a payee on the check. The loan balance has to be satisfied first. The deductible is applied prior to the check being issued.
First answer by ID3484937482. Last edit by ID3484937482. Question popularity: 20 [recommend question]
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