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What if your car was repossessed due to lack of insurance yet was insured at time of repossession?
Wiki User
∙ 14y ago
Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the lender) recovers their property from the defaulter.
Wiki User
∙ 14y ago
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What is the opposite of insurance?
There is no opposite except a lack of insurance.The opposite adjective of insured is uninsured.
How can you get a repossessed car back when it was taken for lack of insurance in Florida if you have had insurance the entire time?
CALL the LENDER. Clear up the ins. dispute with them and go from there.
Can an home insurance policy be cancelled after lack of contact with client?
Yes, You should always keep your contact information up to date with your insurance Company. Lack of or inability to contact the insured can indicate abandonment of the policy or abandonment of the insured property or a change in residence status.
If your car is repossessed how does getting it back help your credit?
It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.
Can your car be repossessed due to lack of insurance?
No, but it can be impounded by the police. Lack of insurance is a crime, generally a misdemeanor, but if the degree is severe enough the police can impound it as evidence in a criminal case. To get your car back, you would need to provide proof of insurance, a valid driver's license for the owner of the car and the insurance, and pay the fine for the crime as well as the storage fees for the car while it was in the impound lot. Repossession is done when you have failed to pay on the car loan. In essence, a car loan is a secured loan - if you don't pay the money, the loaning institution can take the car and sell it to pay off the loan.
What happens when an insured car hit you and you hit another car but your car isn't insured?
If you were forced into striking another vehicle by a vehicle which struck you first, the vehicle that struck you is (usually) responsible for the entire accident. However, if you are required to have insurance in your state, that will not get you out of any ticket becauise of your lack of insurance.
How much would a ticket for broken headlights and lack of proof of insurance raise your insurance rates?
get your headlight fixed drive carefully and get insured soon as possible-been there done that got very lucky and was'nt ask to show proof
If you have a lapse in insurance and someone backs into you is their insurance still liable for damages?
If your state requires your legally registered vehicle to be insured at all times, your lack of insurance MAY be of some interest to law enforcement. HOWEVER - if the other party's vehicle struck your vehicle then THEIR insurance is liable of the damages. It makes no difference whether or not your insurance was in effect at the time, or not.
What are the characteristics of an insurable risk?
The essence of an insurable risk is essentially one in which the person or entity insured has an "insurable interest". This means, that the insured must have a reasonable expectation of advantage, usually monetary, from the continued existence of the property or life insured. It need not be an ownership interest. For example, a spouse who did not have an ownership interest in her husband's car, but who had the right to use the car, would have a sufficient insurable interest in it to support a contract of insurance. The lack of an insurable interest makes an insurance contract essentially a gambling contract--because the person taking out the insurance really has nothing to lose if the property insured is destroyed.
Does car insurance travel with the car or the person?
Auto Insurance follows the liabilities of the Named Insured(s). Sometimes that entails following the vehicle in the event a permitted driver fits the definitions of a named insured under the terms of the Auto Insurance Policy. Sometimes it entails following the Individual such as When we rent or borrow a car and our liability coverage follows us. Never Assume that Auto Insurance simply follows a car or vehicle. This is a misunderstanding that many people and even Insurance Agents fall prey too when their is a lack of comprehension.
WHAT IS Material damage proviso in business interruption insurance?
Before a claim can be allowed, a material damage claim must be admitted. There may be circumstances when the interruption results from damage on another insurance Policy - e.g. a supplier's etc. In this case, it is imperative that the wording is sufficient to react to 'any' material damage caused by an insured peril.
Will gap insurance help if your car is repossessed in Arizona?
WHAT "GAP" does it cover?? The gap between your down payment and what the car is worth or the amount you lack to be current with the payments? Read your "GAP" ins. contract to be sure of the coverage. I've never heard of it covering a repo.
