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You will have to pay the difference between what the finance company gets when they sell the car and the ballance on the loan. All it means is that the finance Co would have gotten more for the car if it hadn't been damaged so you would have owed less on the remander of the loan.

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โˆ™ 2007-08-05 03:11:10
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Q: What happens if insurance has lapsed with car damage before repossession?
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Related questions

Who is responsible for damage to the yard during a repossession in Florida?

The LIENHOLDER is ultimately responsible for anything that happens during a self help repossession.

Where can I find jewelry insurance?

In order to get jewelry insurance, you have to get the insurance before the damage happens. They have to look at the jewelry to appraise it to give you insurance. Jewelry stores offer insurance on many items.

Do repossession agents take a picture of the car before they try to take possession of it?

That is a decision made by the lender, and some do have photographs taken before the car is seized, but it is not a legal requirement. The repossession agent/agency does not assume responsibility for any damage to a vehicle that happens while it is being recovered.

Does your home insurance cover damage if you claim for the same damage but with another insurance company before?

good way to get hit with an insurance fraud charge

If you owe money on a car your insurance has expired and you damaged your car you are going to call the bank for a voluntary repossession can they sue for damage?

CAN & WILL. Good Luck

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Existing damage is never covered.

What happens if your property damage insurance is not enough to cover the claim?

You will be liable for the difference.

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AnswerOnly when that home Insurance Policy has A Flood Insurance Policy Form. Flood Insurance is required before it will pay for Flood related damage.

What happens if you wreck a car that you dont insure?

If the vehicle has insurance it will cover damage to the other vehicle but not the one you are driving. Now if you have insurance on another vehicle your insurance will cover the damage to the vehicle that you where driving even though it is not on your policy.

What happens if I'm driving my friends car and i get into an accident but my license is suspended will her insurance cover the damage?

It all depends on her insurance cover

What happens if you get into a motorcycle accident and you dont have insurance and its your fault in Florida?

You are responsible for the damage you cause in an accident, regardless if you are insured or not. Having insurance transfers your responsibility to pay for the damage from you to your insurance company. If there are injuries to the other party, then the other party's insurance should pay for their injuries, but you are still responsible for the property damage you have caused the other person.

Will my homeowners insurance pay for damage due to water leaks?

In most instances it seems not. When getting home insurance make sure to specify you want water damage insurance as well and GET IT IN WRITING BEFORE YOU AGREE TO THE POLICY!

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Contents and buildings insurance is insurance that covers any damage or loss that happens to a persons home and the contents inside. Contents and Building Insurance is usually sold with Home Insurance.

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

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When was Hanwha Damage Insurance created?

Hanwha Damage Insurance was created in 1946.

If you got auto insurance coverage and were in an accident the same day what is the coverage for a claim?

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Can a repo agent damage personal propery during a repo?

No, the repossession agency must return your personal property undamaged. Usually you have to go pick it up. If your property is damaged, the agency should have insurance.

What happens if you and soon to be ex share same insurance policy and you damage ex car?

Sir Walter Releigh. ! :)

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Your insurance won't pay for any damage or injury to persons or vehicle. (unless they were driving legally with a drivers permit)

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water damage is only covered through full coverage if you have it and just so happens to run in a pond or something.

Will your insurance company pay for your damage if you have insurance but no valid registration?

If the insurance is in effect when the damage occurred, the lack of registration shouldn't matter.

How long do you have before you need to call the insurance company if you hit a parked car and the damage is minor?

How "minor" the damage is has nothing to do with it, in the eyes of the law. You are obligated to call the insurance company immediately to protect your own legal position.

Who is liable for golf ball damage to a golf cart?

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What happens if I had insurance at the time of an accident someone hit my parked....but now I need to file a claim and now I don't have insurance?

Your insurance SHOULD cover the damage assuming you had comprehensive coverage and not just liability. However, you might have a problem proving the damage occurred while you were still covered.

What happens if you have no auto insurance and a suspended license your sitting at red light and a car slams into the back of you and there is damage to your car driver admits its his fault?

You should have insurance whether it is your fault or not.