In the unfortunate event of a car accident what happens?
The insurance company needs to be notified of the accident. Once a surveyor does an assessment of the the damages to the car the claim is processed. If you have been very regular with your payments the bank normally provides and NOC to you, where by the insurance company makes a payment in your favour else it happens in the bank’s name. In the event of a complete loss the insurance amount is paid directly to the bank and a settlement is made to you depending on the loan amount you have repaid during that time frame.
