North Carolina H347 prohibits certain types of automobile physical damage insurance coverage in credit property insurance policies.

North Carolina H347 prohibits credit property insurance policies from including coverage for repossession costs, skip, confiscation, and conversion, deductibles below $250, and broader coverage than recommended by the Department of Insurance. The act allows separate policies or endorsements for these coverages if no charge is passed to the borrower. This law applies to contracts issued, renewed, or amended after it becomes effective.

North Carolina H347 prohibits certain types of automobile physical damage insurance coverage in credit property insurance policies.

North Carolina H347 prohibits credit property insurance policies from including coverage for repossession costs, skip, confiscation, and conversion, deductibles below $250, and broader coverage than recommended by the Department of Insurance. The act allows separate policies or endorsements for these coverages if no charge is passed to the borrower. This law applies to contracts issued, renewed, or amended after it becomes effective.