Does buying a repossessed vehicle raise your car insurance?

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In this state buying a repossessed vehicle is no different from buying any other vehicle as far as insurance is concerned. The insurance agent checks over the car, takes pictures, checks the odometer, and quotes the rate just like any other used car. Of course if you have one car and you purchase a second car, your insurance goes up.
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When your car is about to get repossessed do you still need to have car insurance on it or can you just take the vehicle off of your insurance policy?

%REPLIES%. Answer . Daleann, take the car to the lender, get a reciept for the car, then drop the ins. IF it got stolen while in your possession(before repo) your LOSS wou

Can you keep buying insurance for a repossessed car and drive legally?

IF you mean a car that is being searched for by the lender, YES. You sure can RISK spending the money one day for ins. and watching it be towed away the next. Its your gamble.

Can a vehicle be repossessed for insurance lapsing?

Answer . \nI would not think so, but, your lender does require that you carry collision insurance on the car, which is the lender's collateral. It depends on what the note

How do you buy a government-repossessed vehicle?

Answer . The government does not make auto loans, and therefore does not repossess vehicles. The IRS may seize vehicles for tax delinquencies and the police at all levels

Can your car be repossessed if you don't have insurance?

Insurance is there to protect you while you drive. Your loanfrom the bank lets you keep the car. Although, most banks requireyou to have insurance before lending you money in

Can your car be repossessed if you do not maintain insurance coverage on the vehicle?

An automotive loan usually contains a clause that says the loan recipient must maintain insurance on the car for the life of the loan. Usually, this includes not only the lega

Does a car company have the right to repossess a leased vehicle if it is fully insured and all payments are on time and are you obligated to take it back if it is unlawfully repossessed?

Answer . if a vehicle is unlawfully repossesed, you can get the vehicle back, and claim back all monies you have paid, and keep the vehicle without any further payments be

If you buy a car and insure it and it turns out it is a stolen vehicle should insurance pay for it?

You're screwed . This is one of the diciest situations that can happen to somebody purchasing a vehicle. Frequently, the last purchaser of the stolen vehicle is screwed.

Can a car get repossess because of no insurance?

Answer . \nNo.\nMost (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by.\nIf you fail to do this t

Can a car be repossessed due to no insurance?

Answer . If the car is leased or has a lien on it (meaning you have a loan out on it) it CAN be repossessed for letting the insurance lapse on it. Cars that have liens on

Who insures vehicle after repossession?

The party that purchases the vehicle from the lender. You are done with this vehicle once it is repossessed. Here is some information you may find helpful.. When you finance
In Insurance

What if your car repossessed with gap insurance?

The gap insurance is part of your auto loan so I am not sure what your question is. Gap insurance covers your car if you total it and the fair market value for your car is bel
In Business & Finance

Can my vehicle be repossessed for no insurance?

It is not outside the realm of possibility; however, it would need to be a provision in the original sales contract. Since all of the US states require insurance of some sort
In Repossession

Will insurance pay for a repossessed car?

Of course not! It wasn't stolen or wrecked, it was takenfrom you for failure to pay on the loan! Be sure to cancel the insurance.