Am I required to individual own full coverage on a vehicle I'm financing near Carmax?
I'm tired of paying full coverage! If I switch it what's going to happen, will they inform Carmax? Will I be contained by trouble?Answers: If your finance company, carmax, requires full coverage, you must hang on to it in force. They will be notify as the lien holder that your coverage has expired.
They can consequently purchase ANY full coverage they want, at ANY price, and then supply that cost to your loan.
You might want to look at what is called "GAP" coverage because I'm sure if you go to carmax, you owe a lot more than the motor is worth so if it gets totaled, you not solitary loose your car, but you still owe carmax a ton of money.
be full coverage a requirement on behalf of carmax?
since the car is still carmax's, you hold to abide by their rules. *yes, i know you're paying for it, but they're financing YOU, which means it legitimately is THEIR car. most dealerships require full coverage on their cars.
look at the disclosure you signed when buying that coup¨¦.
yes, you'll be in trouble
CarMax sold the loan to some lender. The contract give that lender the right to force you to carry the coverage specified -- almost other "full" coverage. This protects the lender's repayment should the car be totaled.
Forced coverage is hideously expensive -- the underwriter for it other assumes that you can't get coverage any other method because your driving record is awful.
AND, the cost of forced coverage is added to your monthly allowance -- pay or be repo'd.
The track you get out of this is to recompense the loan off.
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you subsequent best bet on saving money, if the loan contract allows it, is to increase your deductible.
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Now that you've discovered huge insurance expense, craft your next sports car used and enough cheaper that you can remuneration cash for it. [After this one dies, as you would expect.]
Then you're free to drop collision and comprehensive when the car's value become small.
Chances are.if you try to drop your "full" coverage, your insurance company will ask for proof there is no lein. When you can't show proof they'll check beside your leinholder to see if they still have a financial interest surrounded by the vehicle. They will say yes, and they won't consent to it happen.
If I cancelled a life insurance policy I have been paying into for 7 years would I get money back?
Answers: You will receive the "cash surrender value" of the policy, what ever that is. This could mean you get something back whether it is term or permanent, but it will depend on your policy. It may be $0 for all any of us know.
Answer: If it is a term plan; No.
If it is a Whole Life or cash value plan; Yes.
If it's a term policy...no.
If it's a whole life, universal life, or variable life..yes...but you won't get ALL of your money back. On these policies, part of your premium goes toward the actual life insurance and part of it goes in as an investment. You will only get the investment part plus interest earned(which was probably only4%-5%...barely enough to keep pace with inflation).
With Term Insurance it works just like your home and auto insurance. You don't get anything back on that do you? Unfortunately, if you had cash value which is more expensive and not recommended. You will get cash back, but you will also probably have a surrender charge for doing this. When I have worked with clients that came to me with cash value in the past I have been able to get around that charge from their old agent.
If this is any type of whole life- yes. You will get the surrender value listed in your policy as stated for year seven.
Just like everyone else has said, if it is a whole life policy... IF there is a surrender value on it, you will get that back. Don't expect it to be much after only seven years...
If it's a term, you will get nothing back.
Why do so many people expect to get their money back if they wish to cancel their life insurance policies? Even on term policies. Their argument is "Well, I didn't die and no benefit was paid out, shouldn't I get my money back?" Um... no! That is how a life insurance company makes money in order to pay out death benefits. Insurance is a GAMBLE.
If i kill myself can my family clame life insurence?
Answers: hey ' listen' dont do it. nothing in this world is worth the precious life that god gave you. i dont know what your problem is but, taking your life. is not going to make it go away. if youre sick or dying all ready or just plian tired of living life. Still dont do it. Suffer the pain, humble your self to god if you believe in god, when the time come he will not let you suffer any more than you can bare. jesus suffered more pain than any one on this earth. Remember that. If you are asking this question because you are thinking about doing that, Then you really need to talk to someone. Tell you what email me at this address. seniorlife85(a)yahoo.com , Even before becoming a life insurance agent. i have seen,been through, and going through a lot of things. I believe i may be able to help you change your mind.
dont do it, I'll be more than happy to talk to you.
In Canada, once you have been paying premiums for a couple years even suicide is a simple cause of death, and does not disqualify the payout.
Now previous attempts at suicide not declared to the insurance company are treated as a pre-existing condition.
Odd as it may seem, if one is at strong risk of death from a pre-existing (other) condition, suicide can remove the pre-existing condition as cause of death, so remove this as a way of denying a claim.
There's a suicide clause in your policy. Check it. If you past the years to qualify you coul do it. I wouldn't suggest it. Usually its 2 years then you could do it. Remember to check the policy before you bust yourself open..YA DIG?!!