Auto Insurance

When your car is about to get repossessed do you still need to have car insurance on it or can you just take the vehicle off of your insurance policy?

424344

Top Answer
User Avatar
Wiki User
2004-12-29 03:13:55
2004-12-29 03:13:55

Daleann, take the car to the lender, get a reciept for the car, then drop the ins. IF it got stolen while in your possession(before repo) your LOSS would be much greater without ins. aS LONG AS THE CAR IS STILL IN YOUR POSSESSION, KEEP THE INSURANCE. ONCE THE CAR IS GONE, DROP THE INSURANCE. iT WILL BE DONE AS SOON AS YOU HANG UP WITH YOUR INSURANCE CARRIER.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

you have to have a car for getting a car insurance No, you can be driving your parents car & be on their policy, therefore you are still insured

User Avatar

If he is driving a vehicle that owned by the parents it is advisable that he remain on the insurance policy.

User Avatar

This can be a complicated question. Your boyfriend can and should be listed on your policy as a driver if he lives with you or if he drives your vehicle even just sometimes. A vehicle titled to him cannot be added to your insurance policy under any circumstances and this is because you cannot insure a vehicle you do not own. Even if you live together you must still have separate insurance policies if you each own your own vehicle. If you live together or drive each others vehicle each of you should still be listed as drivers on the others policy.

User Avatar

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

User Avatar

yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.

User Avatar

If you don't own a vehicle but you do still drive, Then you should get an "Operators Policy', aka " Non-Owners Policy" not an auto policy. All drivers are required to carry financial responsibility whether or not they own a vehicle.

User Avatar

You have to get an individual policy for each car you have. If you want to cover two cars, you need to get insurance separately for each of them.

User Avatar

You would need to contact your insurance company and ask them if your policy is still active.

User Avatar

Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.

User Avatar

He can add you as a driver on his policy, but your vehicle cannot be added since a vehicle can only be insured by one company at a time.

User Avatar

Actually, if you move quickly, you can still secure insurance on the vehicle. Here's what you do:You will need the vehicle registration, so if you are like the 99% of us out here who leave it in the glove box, go claim your property and get the registration.With the registration, get your insurance.renew your tagsClear it with the court.If after a couple days you do not intend to redeem the vehicle, cancel the insurance.

User Avatar

The answer lies in the titleholder of the vehicle. If you are still the titleholder, then you will need to have the car under your policy and have him listed as a driver. If he is the titleholder, he will need to insurance the car under his policy. If that vehicle injure someone or cause damage to someone's property, the other party will sue the titleholder. If you are both titleholder, then I would suggest you sign the titleholder to him.

User Avatar

Well, you certainly don't need AUTO insurance if you don't own a vehicle. Might still carry a personal liability policy if you have any assets to protect, but a college student probably doesn't.

User Avatar

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.

User Avatar

Please obtain a Status Report of your old insurance policy from the Insurance Company and be sanguin about validity of said policy.

User Avatar

Most companies that provide work vehicles will have a standard insurance policy covered on the vehicle. But it is still possible to get a personal liability coverage of the work vehicle. One would just need to consult their current insurance policy in Nebraska or call a local insurance agent who would be able to provide more details on the type of work car policies available.

User Avatar

If your driver's license expires will you still be covered under your auto insurance policy?

User Avatar

It will depend on the type of gap insurance you have. Finance gap insurance would expire as there is no finance to cover but return to invoice and vehicle replacement would still carry on until the end of the policy or a claim is made.

User Avatar

An insurance policy gets lapsed after a period of 5 years' of non payment. Visit the Insurance Co's website,ask for status by citing your insurance policy number and you will be intimated accordingly whether the same is still alive or dead.

User Avatar

Insurance Coverage on a Parents policy? Yes, So long as you are also listed by name as a covered driver on your parents Policy and your parents have an insurable interest in your vehicle. If you are a minor or a dependent still living at home then you might be able to get insurance cheaper through your parents than you could seperately. You "by name" would need to be added along with your vehicle to your parents policy to be an insured driver.

User Avatar

Talk with the adjuster and explain the situation and I'm sure they will work something out. They may still have to issue the check to you and the lienholder because you are the person who has the contract with the insurance company.

User Avatar

They can as long as they are listed on the insurance policy for each vehicle OR there is a permissive user clause on the insurance which allows any driver to operate the car and still be covered.

User Avatar

I'm not sure what you mean by covered. She needs to be listed as a driver if she drives any of your vehicles. You cannot add her vehicle to your policy if that is what you mean. No one can add a vehicle to their policy if the vehicle is not titled in their name. The only exception is husband and wife situations. Whether or not you are adulterous makes not difference to the insurance company really.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.