Before the loan from the bank is paid off, the first beneficiary of the policy must be the lending bank. Once the other party needs compensation, the insurance company will transfer the money to the account of the loan bank according to the regulations. However, since the individual is also one of the owners of the vehicle, if he wants to get compensation, he can ask the bank to issue a power of attorney for equity and affix his official seal. The insurance company will also directly transfer the money to the owner, and the owner only needs to abide by the loan agreement and repay the money on time.

A loan to buy a car is tantamount to mortgaging the car to the bank. Before the lender repays the loan, the car does not completely belong to the lender, and the bank bears the risk that the lender may not be able to repay the loan, so it is necessary to protect the rights and interests of the bank in law.

Extended data

The best time for auto insurance claims-after 48 hours, insurance may be refused.

Most vehicles are insured with commercial insurance and compulsory insurance. However, some car owners don't know how to get claims after the accident, which items should be paid by insurance companies, or even the claims process. This leads to being very passive when claiming compensation from insurance companies. After a traffic accident, if it is a minor accident, you can take photos of the scene and disassemble them yourself, and go to the traffic accident quick settlement center for settlement. If the accident is serious or the loss is large, the driver should keep the first scene and report the case to the insured insurance company in time. 48 hours after the general accident, the insurance company has the right to refuse compensation.

After the staff of the insurance company arrive at the scene, the driver shall provide the original insurance policy, the valid identity certificate of the insured, the driving license of the insured vehicle that has passed the annual inspection and the driver's driving license at the time of the accident. After that, the staff can survey the scene of the accident.

The Best Time for Baidu Encyclopedia Auto Insurance Claims