What Does Creditor-Placed Auto Mean?

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What does Creditor-Placed Auto mean? Read on to discover the definition & meaning of the term Creditor-Placed Auto - to help you better understand the language used in insurance policies.

Creditor-Placed Auto

Creditor-Placed Auto

Single interest or dual interest credit insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss to property that would either impair a creditor's interest or adversely affect the value of collateral on automobiles, boats, or other vehicles.

We hope the you have a better understanding of the meaning of Creditor-Placed Auto.

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