Page 114 - Bay Union - Prestige Policy Wording
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Your bank may take part of your payout
If you are  nancing your vehicle with a bank or authorised credit provider, be aware of the fact that they are entitled to use your insurance payout for a write-off to settle any money that you still owe them, if they feel that this is the only way to recover the money. This is a standard clause in the contract that you signed with them when you purchased your vehicle.
111 Bay Union - Prestige Policy Wording - 20 June 2012

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