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If you are making loan payments on a car but never drive it do you still need insurance?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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Is insurance an asset?
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.
Furniture rental business garnish ssi payments?
Social Security benefits can never be garnished. Unless the judgment is for child or spousal support, unemployment insurance, workers' compensation awards, relocation benefits or disability or health insurance benefits cannot be garnished. Garnishing payments made from a retirement plan is also very difficult.
You cosigned to a car loan with an ex and now he's not making payments and he's out of the state?
The finance company will be coming to you for payments...even if he has the car. They will send repo men after the vehicle as well. Good luck. Never EVER co-sign for anyone.
What are sale proceeds?
If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www. disappearingmortgage . com you at that time.
What is immediate annuity and what is it used for?
An immediate annuity is something that will give you a stream of income for life. You can purchase them from insurance companies. They are great because even if you live to be 120 years old you will still get payments.
Is insurance an asset?
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.
If you car is financed and stolen what is the responsibility of the owner with reference to making payments and how is the process handled by the insurance co What if the car is never found?
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.
In New York State can you exclude a spouse from your auto insurance policy if she will never drive due to a lifelong disability?
As long as you let the insurance company know that you are married and the reason she will never drive the vehicle.
Does anybody know what could happen if your car was wrecked 50 days after purchase insurance was in-process the person driving it offered to help out in repairs and making payments but to no avail?
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.
In NJ if you have a valid drivers license but never drive do you still have to have insurance?
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.
Do you have to keep insurance on an unused car?
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.
What insurance company provides insurance for a person who never had a drivers license?
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.
How can you find out if the bank still owns your car if you never registered the car in your current state?
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.
Does a person have to have a valid drivers license for their car insurance to be valid?
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).
Why you have to insurance?
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.
You are 75 years old able never been to drive or know how to drive but am the owner of a car can you purches auto insurance and have your daughter listed as the driver?
Yes, you can.
I had a deferred payment and my car was stolen and never recovered. Will my full coverage or gap insurance cover the deferred payment?
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.
