Insurance Law/VSI Insurance

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Question
I am paying VSI insurance on my vehicle. The premium is added to my monthly loan payment. I currently owe $2500-$2000 on the loan. Can VSI be reduced now due to the small amount left on the loan?

Answer
Hi Penny-
VSI only covers the lenders interest in the loan, so perhaps they might consider reducing it, especially if you have regular auto insurance (which you should!) which also covers the vehicle for physical damage coverage, as well as your liability, should do cause damage to someone else or their vehicle.  Most VSI policies do no benefit you if there is a loss, only the lenders interest in the remaining loan amount.  Can't hurt to ask them.  :)


Denise  

Insurance Law

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Denise

Expertise

I am a licensed Property/Casualty agent in the state of Wisconsin, a Certified Insurance Counselor and a Certified Insurance Service Representive, with a 15+ year background in personal insurance underwriting. I am currently working in the Homeowners and Auto field, and was licensed in Life and Health insurance years ago. I can provide input if you will give me a "one paragraph what`s the story", however depending on the situation, do note that as policy forms and endorsements vary by the state, the information may be general and educational in nature.

Experience

20+ Years

Organizations
CIC, CISR, API

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