Legal Question in Consumer Law in New Jersey
I purchased an extended warranty "no claim" bonus with my car. The policy stated that if I had no claims and kept the policiy in force for the entire policy period (6 years) I would be refunded the entire amount back. ($1995) .
I come to find that the NO CLAIM bonus company is now out of business. Since I bought this through my car dealer, are they responsible for the money?
1 Answer from Attorneys
To claim against the dealer you would have to be able to prove that the dealer knew that there was something amiss and offered the policy anyway. Even then, it's a long shot. You may be better off first pursuing the matter through the NJ Commissioner of Insurance. The State requires that insurance companies be licensed and maintain adequate reserves to pay claims. If this company was not licensed in NJ or this product did not have the proper approvals, you may have a claim against the principals of the company as well as the dealer. Moreover, the Commissioner may help you collect on it.
See also: http://info.corbettlaw.net/lawguru.htm
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