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Lenders that allow higher insurance deductibles?

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Member

Re: Lenders that allow higher insurance deductibles?

I am approved through NFCU but all the paperwork says $500 deductible. Do you think if I call them I can ask for $1000 instead?
Message 11 of 15
Frequent Contributor

Re: Lenders that allow higher insurance deductibles?

I doubt they will allow a higher deductible if they specify a certain deductible amount. It wouldn't be fair to other customer's of NFCU to allow you a different deductible amount than everyone else. Definately be cautious of this, once you end up buying a vehicle, insure that you are within the insurance deductible requirements of your lender, otherwise they will put costly force-place insurance on the vehicle.

 

There is alot of research that goes into their required deductible amounts, lender's typically prefer a lower deductible because it insures that their property (the collatoral) is better taken care of, in that customer's can afford to fix the vehicle in the event of needing to file an insurance claim.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($19,500) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 12 of 15
Member

Re: Lenders that allow higher insurance deductibles?

I was responding to the user that said they had a $1k deductible with NFCU. I appreciate you trying to help but I don't need a lecture on the reasoning for deductible amounts. I understand how Insurance works. I simply asked about which lenders allowed higher deductibles, that's all.
Message 13 of 15
Frequent Contributor

Re: Lenders that allow higher insurance deductibles?

And, like I said, if NFCU found out that person has a higher deductible than allowed, they reserve the right to put force place insurance on the collateral which is ungodly expensive.

 

While the information I provided may not be "beneficial" to you, it may be beneficial for someone else to know why lender's require "$xxx" for a deductible and no higher.

 

 

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($19,500) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 14 of 15
Established Contributor

Re: Lenders that allow higher insurance deductibles?


@Spersack wrote:
I am approved through NFCU but all the paperwork says $500 deductible. Do you think if I call them I can ask for $1000 instead?

Absolutely, do this. Then update please.

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Message 15 of 15