Search
 

Car Claims Can Drive You Crazy

We are handling a claim that involves an error made by a bank when it provided a car loan payoff. The bank gave the insured (an auto dealership) a car loan payoff amount that was much lower than the

By Bruce Hillman, JD | Updated on February 06, 2006

The infinite variety of auto-related claims keeps adjusters busy researching policy wording and case law. This month, we address two reader queries concerning motor vehicles.

We are handling a claim that involves an error made by a bank when it provided a car loan payoff. The bank gave the insured (an auto dealership) a car loan payoff amount that was much lower than the actual amount still owed by the owner. The dealer relied on this information and entered into an agreement with a customer to accept his car on trade and to apply the balance (based on the incorrect loan payoff amount) as a basis for a new car purchase.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.