0
Yes, not having full coverage insurance on a financed vehicle can be a reason for repossession. Lenders typically require borrowers to maintain full coverage to protect their investment in the vehicle. If the borrower fails to do so, the lender may consider it a breach of the loan agreement, which can lead to repossession. Always check the specific terms of the financing agreement for details.
What else can I help you with?
Does Broad Form Insurance cover a financed vehicle?
Broad Form auto coverage is as close as you can get to having no coverage at all. You cannot add physical damage coverage to your policy so you cannot buy this is you have a car financed. The coverage is for the named insured only and every other human on the planet is excluded. If anyone else drives there is no coverage. This is not anything that I as an insurance agent could ever recommend to someone.
Can two insurance companies insure the same car?
A vehicle may not be covered for the same coverage by more than one company.However, it may be the case that liability coverage is with one insurer and physical damage coverage is with another. This can happen in the instance, for example, of a financed vehicle, where the lender obtains "forced-placed" physical damage coverage on the car to protect its interest in the collateral. The lender may do this if the owner/borrower does not produce proof that he/she has obtained physical damage coverage, despite having obtained liability or other required coverages.
Does anyone have recommendations for any stores that sell good, affordable car insurance?
There are Several Companies that offer Cheap Auto Insurance for example, Geico, InsureOne and Progressive. The one thing you want to remember with Auto Insuance is the Coverage Amounts and the Deductibles. Another thing you want to remember is that if your getting the Vehicle through a Loan Company or having it Financed they will require you to have Full Coverage on the Vehicle.
Can you have double car insurance coverage for the same vehicle?
No, you cannot have double car insurance coverage for the same vehicle. Having multiple insurance policies for the same vehicle is considered insurance fraud.
Can a salvaged title car be financed?
Answerno.I have a car that is financed through a bank. I recently found out that it has a salvaged title and I am having problems with getting full coverage insurance. the bank along with me didn't know it was a salvaged title at the time so what can I do.
What coverages stay on the policy when you have comprehensive coverage only?
When you have comprehensive coverage only, that is the full extent of the coverage provided by the insurer. That said, it is generally sold and purchased in conjunction with collision coverage. Comprehensive coverage usually affords protection for events that are not a result of a collision between the insured vehicle and another object--events such as a tree falling on the vehicle, someone scraping the finish of the car with a key, or other forms of vandalism. In all events, it is distinct from collision coverage, which contemplates an impact between the insured vehicle and another object. It is property damage coverage only, and pays nothing toward bodily injury or medical expenses, nor does it afford any sort of liability (indemnity) benefits. If the vehicle is financed, the lender will generally require that both collision and comprehensive coverages be maintained so as to preserve the value of the collateral (by having a source of funds with which to repair the vehcile).
What are the benefits of having vehicle insurance third party coverage?
Third-party vehicle insurance coverage provides benefits such as financial protection against damages caused to others' property or injuries to others in an accident, legal coverage for liability claims, and compliance with legal requirements for driving on the road.
How do you reprossess your property?
You can not reposses your own property. You can contact the company and forfeit it if you are having trouble making payments.
Can you repo a car in VA for not having insurance?
Yes. All finance contracts have requirements for providing and maintaining Comprehensive and Collision coverage on a vehicle being financed under the contract. If you allow your insurance to cancel without providing replacement coverage, you have violated your contract and the vehicle will be repossessed.
I was in a car accident and my insurance will not provide a rental car even though i have full coverage can they do that?
You only get a rental if your policy specifies that you chose to pay extra to have rental car coverage. Having collision coverage is not the same thing as having rental. Collision coverage just covers the repairs to your vehicle. If you are not at fault for the accident, the other person's insurance will provide you with a rental car.
Can a auto insurance company tell you that you cannot remove an auto from their insurance?
I don't believe that the insurance company would prohibit you from removing a vehicle from your policy. There must be more to the story than you a telling in this question. If your vehicle is financed the contract you have with the bank or finance company may prohibit you from not having proper coverage on it. Also, an insurance company may be telling you that they are not wanting to insure just some of your vehicles and not all vehicles in the household.
If you are the primary insured driver of a leased vehicle what additional coverage do you need for one extra driver?
The extra driver needs to be added onto the insurance policy. Having someone drive a vehicle and not having them on the policy can be a large problem if an accident were to happen.
