My jurisdiction is: California
Recently, I have had my motorcycle stolen. I still owe around 4,000 on the bike through a loan from a bank. In the loan agreement I was required to have comprehensive and collision on the motorcycle if I did not find a provider then the bank "may provide it at my exspense to protect its collateral." I ended up getting the insurance through the bank from a company of their choice for one year. I assumed that I would be sent a notification near the end of my policy that would notify me that I would need to provide other insurance or the bank would continue to provide theirs. They did not, I was uninsured for about 2 months and the motorcycle was stolen. In the contract I was led to believe that one way or another insurance had to be provided for the collateral. After the motorcycle was stolen I contacted the bank asking about the insurance they replied in a letter saying after the end of the policy" we elected not to re-insure the collatoral." A simple letter at the end of the policy could have prevented this. Now I am paying for something I do not have. Do I have any options? Or am I stuck with paying for it?
Recently, I have had my motorcycle stolen. I still owe around 4,000 on the bike through a loan from a bank. In the loan agreement I was required to have comprehensive and collision on the motorcycle if I did not find a provider then the bank "may provide it at my exspense to protect its collateral." I ended up getting the insurance through the bank from a company of their choice for one year. I assumed that I would be sent a notification near the end of my policy that would notify me that I would need to provide other insurance or the bank would continue to provide theirs. They did not, I was uninsured for about 2 months and the motorcycle was stolen. In the contract I was led to believe that one way or another insurance had to be provided for the collateral. After the motorcycle was stolen I contacted the bank asking about the insurance they replied in a letter saying after the end of the policy" we elected not to re-insure the collatoral." A simple letter at the end of the policy could have prevented this. Now I am paying for something I do not have. Do I have any options? Or am I stuck with paying for it?
