Thread: VW Credit Lease - Insurance Liability Requirements
I (ignorantly) had no idea that they stipulated minimum liability requirements in the contract. Sure enough, as I look at it today, it is stated on the back in the fine print. This was never mentioned during the lease process with the dealer.
Personally, I think the minimums are a bit excessive:
- Bodily Injury Per Person Min $100,000
- Bodily Injury Per Occurence Min $300,000
- Property Damage Min $50,000 (already have this)
In addition, it also states that "VW CREDIT" must be listed as a loss payee and an additional insured.
Further, it states in the contract that VW CREDIT can "endorse checks or drafts, and settle or release any claim under the insurance".
I take that to mean that if I were to get in an accident, VW Credit will divey up the coverage and payments as it sees fit. Is this normal?