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Can a car be repossessed over having liability coverage insurance instead of full coverage?
Wiki User
∙ 10y ago
If the lender required full coverage (to protect their interests) as a condition of the loan and you drop it and replace it with a liability only policy, then you have breached the terms of the loan. The lender now has the right to declare the loan in default and demand immediate payment in full of principle and interest. Failure to pay as demanded then gives them the right to repossess the car and have it auctioned. If the auction does not get enough money they can sue you for the difference!
Wiki User
∙ 10y ago
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Why do people buy cheap liability car insurance instead of full coverage?
People buy cheap liability insurance if their vehicle is not nice enough or new enough to warrant full coverage. The cost of the insurance ends up being more than what they would get if they needed to make a claim.
Can you carry only pip insurance only on older cars with a low value instead of full coverage in FL.?
The required coverage in Florida is Liability (10/20/10) and PIP for any car
Can a 16 year old get liability insurance instead?
Instead of what?
Can you get insurance coverage if you have never owned a car before?
The answer has a couple of aspects. 1. One does not need to own a car in order to get auto liability coverage. Instead, you can get "non-owners coverage" which will provide liability coverage regardless of the car that you are driving. Such insurance does not provide physical damage coverage for the car, but does protect you from legal liability to another if you are negligent in the operation of the car that you are driving. 2. In order to get physical damage coverage on the carm you must have an "insurable interest" in it. This means that you must have a stake in the continued existence and value of the car. That can arise from ownership of it or the leasing of it. In the latter case, you are responsible for returning it in good physical condition; to that extent, you have an insurable interest.
Which is best Landlord insurance or homeowners insurance?
It is not a question of better, it is a question of different. Coverage intended for a landlord does not generally include contents coverage. Instead, it covers the structure itself and may include liability insurance for those accroutrements which may pose a hazard to third parties for which the property property owner may be liable. Homeowners insurance is for someone who owns and occupies the property. It generally covers property damage to the structure (certain risks may be excluded, however), contents, and liability coverage. It is a package policy and generally affords a broad range of coverages.
What is the minimial liability limits for a Texas homeowner's policy?
There is no legal minimum Liability for a home owner's Insurance policy in Texas. Most companies however do not give you many options for the liability limits. Preferring instead to determine for you what you need. Most Texas Home Owners are carrying far more liability coverage on their Home Owners Policy than they need.
What changes can I make to get cheaper car insurance?
If you decide to switch from basic coverage instead of full coverage you can save a lot. I have GMAC car insurance and I get a great deal. You should check them out.
can a newborn get individual coverage instead of applying for medicaid?
A newborn should be able to get individual coverage instead of medicaid. It just depends on the insurance company you want to work with to see exactly what kind of coverage is available for the child.
How do you decide when to only have liability insurance instead of also comprehensive?
If the value of your vehicle is so low that you can afford to replace it yourself, don't bother with comprehensive. It doesn't make much sense to pay $5 a month for coverage on a $1000 clunker.
What would be the benefits of opting for individual property insurance coverage?
You would be able to control your coverage instead of letting the mortgage company do it for you. They usually insist on choosing it however.
Will a finance company accept storage insurance instead of full coverage if the car is never driven If so how much cheaper is storage insurance compared to full coverage?
They will probably demand full coverage on the car whether you drive it or not. The storage insurance should be quite a bit cheaper than if the vehicle were actually in use on the streets, etc. Check with your finance company and your insurance agent.
Will state farm auto insurance drop you after a DUI in Kansas?
Kansas has some of the most stringent DUI laws in the United States. The response to a DUI conviction varies from insurance carrier to insurance carrier, so there is no way to determine if your specific situation will cause State Farm to cancel your insurance coverage. If you do lose coverage due to a DUI, you may be required to obtain SR-22 insurance, which is a kind of high-risk coverage that offenders must sometimes purchase instead of regular coverage.
