insurance deductibles and bank loans

[Brett Dikeman]

Hey all,

I just had a nasty surprise at my bank, closing out a loan.  They
handed my statement of coverage back to me and said "we'll cut you the
check, but you need to have a $500 deductible, not a $1k deductible."

This is going to drive up even more the already stupidly expensive MA
insurance (thank you SDIP- never had an at-fault collision in my
life), and a)I wasn't told about it before showing up to close, b)I've
never heard of such a requirement.

Anyone else run across this?

Brett