When you purchase a vehicle from Brown Motor Company, you sign a Retail Installment Contract, which requires you to maintain Property Insurance (Comprehensive and Collision) for the term of the loan. The lender’s requirements are listed below.
*MAXIMUM deductibles of $250 for Comprehensive and Collision coverage
*NO Excluded Drivers allowed
*Borrower & Co-Borrower must be listed as drivers
*Brown Motor Company must be listed as LIENHOLDER
*Insurance Binders are NOT acceptable as proof of insurance
*Policy coverage must begin on DATE OF PURCHASE
*Policy must provide PERMISSIVE USE that covers anyone the insured gives permission to operate the vehicle
*Insurance company must provide prior written notice of any cancellation or lapse
*Failure to maintain acceptable coverage may cause lender to purchase Collateral Protection Insurance and you will be responsible for paying the premium of $115/mo for this insurance.