If it's no longer your vehicle, you don't need to insure it.
No, you dont even need keys to repossess a car in South Carolina
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
The best insurance for a commercial vehicle is a comprehensive plan that provides not only liability coverage, but also includes coverage for cargo, and the vehicle itself.
Your personal auto coverage will not cover their vehicles. What they are probably asking for is to make sure you have coverage in case you drive your vehicle on errands or such for the company. If you go to the post office to get the company mail your personal auto insurance will be the primary insurance and then if they have an endorsement to their insurance called "hired and non-owned auto" it will provide secondary coverage over and above your coverage to protect them in case of an accident. Their coverage insists that you as the employee have primary insurance on your vehicle. Also note that the company insurance will not pay for damage to your vehicle.
Of course. The financing agreement that you signed requires you to have full coverage insurance and to make sure that they receive a copy of the insurance with their name listed as leinholder on the policy. This assures that they are paid if there is an accident and that they are notified in case of a cancellation of the insurance. There are laws protecting the leinholder in every state. If you break the contract with the leinholder they have the right to repossess the vehicle as well as the put what is called forced place insurance on the vehicle. This insurance protect the leinholder's interest only in case of an accident or damage to the vehicle. This coverage is physical damage coverage only and does not include liability or any other coverages and the premium is very high. The premium is charged to your loan account.
In automobile insurance, collision coverage provides for repairing a vehicle when it is damaged due to the fault of the insured. Liability insurance provides for cost of repair of the OTHER vehicle if you damaged it.
Barring any exclusions in the policy, the insurance 'stays with the car' so your insurance will pay for the damage to the innocent persons vehicle (under your liablity coverage). If you have collison coverage on your vehicle/policy it too will pay to repair your vehicle less the deductible. If there is no collision coverage on your vehicle and the driver has a policy with collision coverage the drivers collision coverage may step in and repair your vehicle, but ONLY if you don't have collision coverage.
Then they will repossess the wrecked vehicle, sell it for what they can get, apply that to the loan balance, and you will be responsible for the balance on the loan. They will sue you in court to get it and will win. Now if you continue to make the loan payments, then none of this will happen. Did you not have insurance on this vehicle?
Some insurance companies like Progressive will cover a non-owned vehicle meaning a vehicle in which you have no legal or financial interest. Check around if your insurance company does not provide coverage to non-owned vehicles.
Liability Insurance and the Stolen VehicleNo, Liability Insurance provides coverage for damages or injuries that we cause to others. It does not provide coverage for our own vehicle damages or theft.
Usually, it is the responsibility of the owner. However, if you have insurance on your vehicle, they will step in as secondary coverage...including covering the damage to the vehicle you were driving, if you have the coverage.
In this state, a no fault state, full coverage insurance covers the other vehicle if you are at fault.
Yes, That's how it works. The insurance company sells you coverage in the form of an insurance policy and you pay a premium in exchange for that coverage. If you don't pay for the coverage then your not covered.
Yes.Thats what full coverage covers
The first thing that they will do is to put forced place coverage on the vehicle. This is a very expensive type of insurance that only protects the banks interest and only pays the bank. The premiums are added to your account and you are responsible for paying for the insurance. This insurance only provides physical damage coverage and will not pay for damage to your property or anyone Else's. It does not provide liability and does not meet the state requirement to allow it to be driven on the street. The second thing they will do is to repossess the vehicle because you have violated the contract that you signed with the lender to keep the required coverage on the vehicle. Oh yes, and the cost of impounding and storing the vehicle after it has been repossessed will also be charged to your account.
You do not have to purchase full coverage auto insurance in Illinois if your vehicle is paid for. You do still need Bodily Injury Liability, Property Damage Liability, and Uninsured Motorist coverage.
If you have full Coverage Auto Insurance, Then the Comprehensive and Collision portions of your coverage would pay for damages to your own car. If you just have liability insurance only. Then you just have coverage for the other car and there is no coverage for your own vehicle.
Rental car coverage is an add-on, check your policy to see if you are covered - if there was another vehicle involved in the accident and the driver was at fault, his or her insurance should pick up the tab.
Full coverage, minus the deductible.
Uninsured motorist coverage provides insurance coverage when you are hit by a person who has no insurance coverage. You uninsured motorist coverage will take the place of the insurance that the other person did not have and will cover your damages just like theirs should have if they had it. The only difference is that you will have a small deductible for property damage coverage.
The companies insurance will protect them from being sued but not you.
usually you only need full coverage if you are financing or leasing your vehicle.
That depends on your insurance coverage. If you have collision coverage, your insurance will cover your damages. If do not have that coverage and don't have the other vehicle license plate, unfortunately, you're stuck with all the bills.
It is my understanding from my insurance company that if I "give permission" for someone to drive my vehicle and I have full coverage then my vehicle is covered. Recommend you ask your insurance carrier this question, they will be happy to give you an answer regarding your policy.