IF you plan on getting it back, dont drop it. If you're NOT getting it back, drop ASAP. The lender has coverage.
If you can't afford to get the car back, drop the insurance. You should not have coverage on the vehicle that is not longer in your possession. Let the lender assume the responsibility. Why pay for something you don't have anymore?
You should keep the records for a minimum of 5 years.
At least as long as you have the item(s) insured.
No need to keep them at all unless you are expecting a claim.
I would keep it in the garage but as long as you don't drive it you should be fine.
Once your car is repossessed, it is covered by the repo companys and the lenders VERY expensive ins. No need for you to maintain coverage UNLESS you plan on redeeming it ASAP.
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 would be much greater without ins. aS LONG AS THE CAR IS STILL IN YOUR POSSESSION, KEEP THE INSURANCE. ONCE THE CAR IS GONE, DROP THE INSURANCE. iT WILL BE DONE AS SOON AS YOU HANG UP WITH YOUR INSURANCE CARRIER.
As long as the car is in your name, you are financially responsible. Better to let the friend pay for the insurance and YOU keep it current.
Maybe a month or 2
You should carry insurance on your children until they are old enough to get insurance on their own. This is usually when your child graduates college. As long as your child is a full-time student and one of your dependents, then you should be able to carry insurance on them.
As long as the child decided to keep the life insurance once they reach 18, the coverage lasts their whole life. The Grow Up plan provides customers to keep the insurance as long as they would like to and does not increase fees over the years.