The so-called first beneficiary refers to the object to which the insurance company will pay compensation after the loss of the insured subject matter agreed in the contract form. At the same time, the first beneficiary must have an insurable interest with the subject matter insured, and a person who does not have an insurable interest cannot become a beneficiary.
In order to avoid the risk of car loan, the bank requires that the first beneficiary of the car bought by the loan must be the bank, and the first beneficiary will not change. The following question is: If your car is in danger, the insurance company needs to settle claims and must go through the bank formalities, because the insurance company pays the owner directly in principle, but if there is a first beneficiary, it will pay the first beneficiary. In this case, it will be very important for you to issue a power of attorney from the bank to entrust you to collect the claims on your behalf.
Due to the particularity of car loan, the first beneficiary of car loan is the loan banking institution. In order to prevent future claims disputes, it is necessary to change the beneficiary. Changing the first beneficiary requires the loan institution to issue a loan settlement certificate, and the insured carries his/her ID card, copy of ID card, beneficiary's ID card, copy of ID card, insurance contract, loan settlement certificate, vehicle registration certificate and other documents to the insurance company to go through the formalities of changing the beneficiary. If you entrust others to handle the formalities, you need to prepare a power of attorney and an agent's ID card.
If the new beneficiary of auto insurance is not the insured himself, spouse, children or parents, then the insured needs to be present in person, and the additional beneficiary must be consistent with the beneficiary of the main insurance, and cannot be handled separately.
Handling process: the insured shall contact the insurance company by telephone in advance to make an appointment for the beneficiary of auto insurance to change the business handling time. If you need to go to the scene to change the beneficiary of auto insurance, you should bring the above materials to the counter of the insurance company's business outlets to get the number, and the staff of the outlets will assist you to complete the change.