You are here:

Auto Insurance Claims/Lienholder buys retroactive coverage

Advertisement

Expert: - 11/24/2009


Question
Because I lost my job I went without coverage on mycar for approx 5 months. Can the credit union that is financing my car buy coverage retroactively and add the3 cost to the amount of the loan?. Can the insurance agent sell it? it's like buying life insurance today for my previous year of being alive!?  

thanks

Alex (Houston, TX)

Answer
Hi Alexander,

That does sound a bit fishy. However, if the insurance company is willing to sell it and accepted the premium it may be just fine.

You should contact the Texas Department of Insurance to ask them if this is legal.

I hope this helps
Richard Hixenbaugh

Auto Insurance Claims

All Answers

Answers by Expert:

Ask Experts

Volunteer

Richard Hixenbaugh

Expertise

Auto insurance claims procedure, auto coverage, liability issues, auto damage questions, how to deal with the insurance company, loss of use and diminished value.

Experience

I have been involved in the insurance industry for over 25 years. I have experience in underwriting, sales, claims adjusting, auto damage estimating, auto value appraising and diminished value appraising. I have testified as an expert witness over 35 times.

Organizations
Society of Certified Auto Appraisers

Education/Credentials
Completed all required courses for the Florida Property-Casualty agents license and the Florida claims adjusters license. I have attended various courses on auto damage estmating, vehicle appraising and am ASE certified in collision damage analysis.

Past/Present Clients
My company has done work for consumers nationwide.

©2012 About.com, a part of The New York Times Company. All rights reserved.