Does Balboa Insurance company pay for repairs or only when a car it totaled?

Question

Balboa insurance company is a Wells Fargo insurer and it is the banks insurance. I am wondering if they get involved repairing a persons car if the person took a loan from a bank and does not have their own full coverage or do they just pay the bank the book value of the car if it is considered totalled. I was told that Balboa is not a personal insurance company that they only insure banks. Is this true? So do they pay for a loanee's repairs (in the case of an accident) or do they just pay the bank the book value of the vehicle ONLY when the car is considered totaled? Thanks in advance!

Answer 1

Balboa is NOT a banks insurance, they are an auto insurance company just like any other company.  They happen to also offer various policies to customers of certain banks.

Auto Insurance

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