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Wayne, Personally as a Repoman, I see 4-5 orders a month to pick up a vehicle that the bank has no proof of insurance on. I believe there is something in a car buying agreement that requires you to carry the insurance.

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โˆ™ 2015-07-15 19:47:22
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Insurance

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When should a tire be replaced

Which of these sentences describes collision coverage automobile insurance

What type of insurance is the same as medical coverage

In which of these categories does car insurance fit

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Q: If the car insurance is cancelled on the loaned vehicle can the bank repo the car when all payments have been on time?
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Can your car be repossed if you miss several insurance payments?

YES. The bank or lender, who owns the vehicle ( You don't own it until ALL the payments have been made ) are within their rights to take it back as you are not insured if you don't PAY for the insurance. You are risking THEIR property, the car, by not having insurance coverage on it continually. Remember, you DON"T own it until ALL the payments have been made in full. Until then the company that LOANED you the money to buy it , OWNS IT.


Does your liability auto insurance cover you in a loaned vehicle?

No. Liability insurance follows the vehicle so the person who owns the vehicle you are borrowing needs to make sure that they have insurance and also needs to add you as a driver on his or her policy. You also need to make sure that this is done because if you drive the vehicle and get stopped you will get the ticket for driving without insurance. If you have an accident and are not added as a driver his or her insurance company may deny the coverage for material misrepresentation and guess who will be sued by the person you hit? Both of you will be sued and both will be responsible. Insurance companies to do not like vehicles to be loaned to unknown drivers.


Can a car dealer take your car back?

If the dealer holds the lien and is the one that loaned you the money to purchase the vehicle he can repossess the vehicle if you fail to make your payments on time. Otherwise the selling dealer has no claim on the vehicle whatsoever.


In TEXAS can an uninsured licensed driver drive another's insured vehicle without penalty?

It depends on the insurance company. Some insurance companies will cover the vehicle when it is loaned to someone else. Many have restrictions that they will only cover someone of a certain age or older.


Who has to have insurance on the car the cosigner or the buyer?

You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.


Who is the lien holder of your car?

The lender who loaned you the money to purchase the car and to whom you make the payments.


Are loaned vehicle owners liable for vehicles busted in drug busts?

yes


Can you get car insurance on yourself if you do not own a car?

You can obtain liability insurance if you do not own a car. It is often called "non-owners coverage" and will generally provide protection regardless of the car you are driving. However, you must have an insurable interest in the vehicle in order to get physical damage coverage. An insurable interest is a "stake" in the continued existence of the vehicle. Therefore, if you are a co-owner of the vehicle, loaned money on it, or otherwise have a financial interest in it, you have an insurable interest sufficient to support an insurance transaction.


What is the difference between balance of trade and balance of payments?

Balance of Trade is the accounting of goods and service imported and exported. Balance of Payments is the accounting of money owed and loaned other nations.


Is the owner of a vehicle liable when it is loaned to someone who gets drug busted during a search at school?

no


Who initiates a foreclosure?

The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.


Will insurance cover my car damage if I loaned my car to an unlicensed and uninsured driver?

My insurance canceled uninsured person hits someone in rear what happens to me

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