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Repossession
Insurance

If you repossess your car do you have to continue insurance coverage on that vehicle?


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Wiki User
2015-07-15 19:22:47
2015-07-15 19:22:47

I take it you mean, if your car IS repossessed. In that case, IF you dont plan to redeem it, NO. NO car, NO insurance. Once the lender repos the car, they are responsible for the insurance coverage.

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If it's no longer your vehicle, you don't need to insure it.

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No, you dont even need keys to repossess a car in South Carolina

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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.


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