Just wondering what would happen in this scenario.
I bought my bike out right a couple of years ago, then insured it with Megson.
Megson asked me for dollar amount to insure, I said $13,000
Now I'm considering taking out a bank loan using my bike as security.
If the bike was to be written off, would the payout cheque go to me or the bank for the newly placed lien on it?
Does Megson pay $13000 or do they still do a market value search and pay that instead?
Thanks in advance