Nov 30 2020, 10:29 PM
QUOTE(The Residences @ Nov 30 2020, 10:01 PM)
Hi guys,
Want to ask something,
If the car that you own is an old car, I mean like Proton Waja, Proton Persona (older version), when you involved in accident and they declared it as total lost, but you still have loan with the bank,
Does the insurance company can pay you the money back same like what you loaned with the bank?
thank you
tq
Doesn't matter old car or new car. Put is this way for easy understand.Want to ask something,
If the car that you own is an old car, I mean like Proton Waja, Proton Persona (older version), when you involved in accident and they declared it as total lost, but you still have loan with the bank,
Does the insurance company can pay you the money back same like what you loaned with the bank?
thank you
tq
e.g. You loan 70k. After X years, your loan balance is 50k. Your car total lost and insurance offer 45k. You have to top-up 5k to settle the loan.
This is one reason why not to take 7 or 9 years loan. Your car value will always be lower than your loan balance and if things like this happens, you need to top up more.
Exception is if you buy agreed-value insurance, which most insurers have now, but premium have to pay extra 100++ per year.
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