If your lender requires you to have insurance during the loan period, then yes. Also. If you are driving , then yes. If the vehicle is not on the road being driven, then no. But, know that if you just drive the vehicle to your next door neighbor's house and you have an accident (collision), then you better have insurance or you could wind up having to pay a huge fine and/or have your lincese suspended and/or have your prospects for a future car insurance company require you to pay alot more for car insurance.
Insurance is there in the hope that you will never need it! For instance, having your home fully insured would be an asset if your house suffered a fire and was totally gutted. But, if you never suffer a fire gutted house, your insurance payments are outgoing payments that are not recoverable.
The insurance company will pay the lender to the policy limits. This payment will only be made if you have theft coverage and not just minimum coverage. I believe you still have to make the payments, although I am not sure.
As long as you let the insurance company know that you are married and the reason she will never drive the vehicle.
Do you own a vehicle that is driven? If so you would want to have that vehicle insured. Otherwise, no, I see no reason to have auto insurance if you do not own a vehicle and NEVER drive.
First, you should never drive a vehicle without insurance. If you were "in process", you have written a check. If the check was written and the insurance company had accepted payment, you're insured. If that hadn't happened yet, you were driving without insurance. At that point all you can do is become philosophical and say, "stuff happens". You can be grateful that it wasn't worse and people didn't die. At least you can replace a vehicle.
Not necessarily. If you never drive it you don't have to keep insurance. If you do use it, (at least once a month at best), you are required to have insurance as you have to have insurance anytime you are on the road with a motor vehicle.
There are insurance companies that will write insurance for people who have never had a license. You will need to go see and independent agent who represents many different companies so he or she can find what you need. The key is that a company will write you insurance for a vehicle that you own if you do not have a license but you will be excluded as a driver and you need to list any drivers that may drive you around in your car. This means that you cannot drive the car for any reason and not coverage will be provided if you do drive.
If you possess the title, then you own it. If you've been making the payments, you should know whether or not you've defaulted on them. If you haven't finished making the payments, the financier owns that vehicle.
no I knew somebody who transferred her husband's registration and insurance to her name after he died, but she never drove even once in her life (and so was never licenced to drive).
Yes, you can.
Insurance is a payment plan for when things go wrong. If you don't have insurance you are going to have to come up with all the money at once. With insurance, you are making payments over a period of time to cover you in the event something happens. Insurance is necessary because whether you are a renter or a homeowner, you will most likely keep all of your most cherished belongings in your home with you. Insurance could never replace the sentimental value of those belongings if lost, but it would at least provide financial indemnity to reduce the financial burden of losing those belongings.
Most gap insurance policies do not cover deferred payments. NOTE - do not accept an offer to settle on the deferred payments. This may reflect on your credit bureau that the debt was settled for less than the ballance in full.