The same day that you determine you aren’t getting it back. It would be wise to wait until then because if the bank repo’d it to kinda just remind you that being Three payments behind isn’t a good thing, you might get it back and then you don’t have to go through the entire insurance application process again.
Yeah for sure do not cancel anything until it is no longer in your name either. I’d wait until the title transfer is accomplish as well.
You should cancel your insurance the moment your car is repossessed.The moment the car is hooked up(as the above two repo morons will tell you)it is no longer your car.So if you would like to cover someone elses vehicle with your insurance you go right ahead but you are wasting your money and your insurance coverage.Dishonest repo guys(like the above two scumbags) want you to keep the insurance on the vehicle so if they harm the car or steal stuff from it it will go on your insurance.
Never cancel an insurance policy until you have a fresh policy in place. If you do it will cost you more in the long run. Insurance companies are looking for loyalty and longevity without lapse in coverage. Sometimes you can possibly suspend, cancel or reduce coverage but never cancel it.
The moment the vehicle is repossessed does not release you from the contract agreement. Read it. In most cases until the vehicle is transferred out of your name via the title of ownership, you must maintain physical harm coverage or they can force place it and take the premium out of the proceeds.
Reduce to minimum but don’t cancel it.
Can a creditor repossess a car for not having continuous insurance even if you have coverage now?
Christine, while you didnt have coverage , you were in default of the contract. Then they could repo the car. Until the lender gets the notice that you have coverage again, you are still in default. maybe there are other issues that put you in default??? 2010-09-21: It has been my practice that when notified of non-insurance, the creditor (bank or credit union or otherwise) can request instant payment of the balance of the loan. Not repossession. They don’t truly want the car; they want the money. They didn’t select the car; you did. See how it works? You don’t insure? They want their money. Where i live, it is a requirement that an insurance company notify the lien holder (bank) upon no insurance on a vehicle. Would you rent a safety deposit box at the bank and let them leave the box outside for the night? Well, maybe bad analogy, but you get the point.
If your insurance got cancelled and you were in a wreck can you just let the bank repossess the car and let that be the end of it?
Yes, you can let them repo the car. NO, that wont be the end of it. YES. they have other legal options.
Can your car be repossessed if your insurance incorrectly told the lender your policy had been cancelled?
IF the ins. co. told the lender the policy was canceled, then you were in DEFAULT and the lender will repo.The lender and the ins. co. will have to get that straightened out.
If you repossess your car do you have to proceed insurance coverage on that vehicle?
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.
Can you cancel your car insurance policy?
You sure can cancel your insurance policy BUT you might not want to. In our state insurance is required to drive a car or truck and you can be fined and lose you drivers license if your caught driving without insurance. I would question the wisdom of cancelling your insurance
In Pennsylvania can you instantaneously cancel your car insurance if the car is repossessed?
if you don’t plan on getting it back that is what to do. but most insurers in pa are notifying pa that you canceled insurance ant they suspend your plate for 90 days.
Can your car get repossessed for not paying your insurance?
IF your loan contract specifies that you must maintain insurance covering the vehicle, the reaction is YES..
Just an echo of the previous reaction, most major lenders require that the vehicle maintain total coverage insurance. It states in your finance agreement that the vehicle must remain insured or it can be repossessed.
Can the bank cancel the plates on a car they have repossessed?
They can turn them in to the DMV, but do you want to take a chance on them doing that?Remember, the plates are yours and registered to you. If someone gets the plates and throws them on another vehcle and gets in an accident, say a hit and run and someone writes down the tag #, expect the police to come knocking on your door.To avoid a hassle, liquidate the plates from the vehicle. You have the right to since they belong to you, not the lender.If the car was taken before you could liquidate the plates, you have to get them back from the tow company. If your there when they are taking the car, the tow dude has to let you liquidate the plates. The plates do not stay with the vehicle and the tow co nor the lender has a right to keep them.
How can you get car insurance coverage without paying total year premium after cancellation?
They refund you the remainder of the premium not used for the year.
What do you do if the finance company has put repossession on your car due to non-payment and you wrecked your car and you had no insurance coverage?
The finance company will sell the wrecked car and you will be liable for the balance on yourloan less whatever the car sells for which in your case will be almost the total of your outstanding loan.Then they will come after you for themoney.
Can your car be repossessed if you don’t have insurance?
Insurance is there to protect you while you drive. Your loanfrom the bank lets you keep the car. Albeit, most banks requireyou to have insurance before lending you money in the firstplace. .
If you desired to know whether your car can be taken away just fornot having insurance, then no it can’t. Just pay the bills and itis yours. You just can’t drive without insurance. Response .
Yes. Part of the security agreement you signed when the bankgave you a loan says that you will keep liability, collision, andcomprehensive insurance on the collateral. This is to protect theBANK’s interest as well as your own financial protection. If youare in an accident, they want the collateral to be repaired or paidfor and do not want to be sued for the other driver’s injuries. Ifyour insurance is terminated, the insurance company will notify thelienholder and they will repossess the car. Repossessed. Yes. If the loan requires that the car be insured(almost always to protect the banks investment) it can berepossessed for no coverage. Repossession does not take yourresponsibility away from the loan on the vehicle. You are chargedfor fees such as towing, the auction sale loss (what you owe on thecar after it is auctioned) They are never sent back to the dealerand resold. They are used cars and must be auctioned. The average”left over” on a repossessed vehicle (1-3 years old) is about $6000that you are still responsible to pay. ++++++++++++++++++++++++++++++++++++++++++++++++++ Albeit they CAN repossess your automobile, usually they don’t -they don’t want the hassle of repoing the car, selling it, andpaying all the service fees, then having to attempt to collect theirmoney from you. What I have noticed repeatedly is that if you don’t have insuranceon the automobile, the bank/credit union/finance company will takeout insurance for you. If you read the fine print on the loanagreement, there usually is a clause in there that permits them todo this. When they do, the insurance is usually the state minimum requiredliability and UIM insurance, and maximum comp/collision – they wantto protect their investment. The premiums for the insurance coverage are tacked onto the loan -either the payments increase, or the term of the loan is extendedto cover the insurance payments. Considering that there are so many cut-rate insurance companies outthere, you don’t want the loan holder to obtain insurance for you,unless you have NO other options.
Can you cancel your insurance if your car is in bankruptcy?
Absolutely not! If you are still using the vehicle, it must be insured. However, the insurance payment would not be covered by the bankruptcy.
Can your licenses be suspended if you were the person supplying insurance on a repossessed car and you cancel the insurance?
Yes it happened to a friend of mine he wasn’t even aware that the insurance had been cancelled and when he got stopped at a check point they told him that his lincence had been suspended because he did not have insurance he paid a gigantic fine.
How long after the insurance is canceled on the vehicle will a repossession be requested from the bank?
There actually isn’t a time framework, the Bank will automatically put insurance on the vehicle from a company of choice. Then they will send the bill to you. The down fall is it will be outragous amount for insurance…….Like 1500 for 6 months or something……
Can your car be repossessed if you do not maintain insurance coverage on the vehicle?
An automotive loan usually contains a clause that says the loan recipient must maintain insurance on the car for the life of the loan. Usually, this includes not only the legal minimal liability insurance, but also theft, collision and fire insurance. If you are in breach of the loan agreement, your car may be subject to repossession, depending upon the terms of your loan agreement.
How do you get a car back after repossession for no insurance?
Since you have violated the terms of the loan, there is no obligation for the lending institution to reinstate the loan. So you can pay off the loan in utter but if they don’t want to sell you the vehicle, they don’t have to. It’s theirs now. They get to dispose of it as they feel adequate..
However, if it was for no insurance they will most likely reinstate the loan. Just call them and be very nice and let them know that they sent the bill to the wrong address or something. I have just recently gotten my car back after it was repoed for no insurance. It will suck for you tho’, they take your individual items and re-sell them to you. What a steal.
Can a car get repossess because of no insurance?
No.Most (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by.If you fail to do this the lender can, and in most cases, will put this Ins. on the vehicle and you will be charged. The charge for Ins. placed on the vehicle by the lender will be fairly high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle.
When can a car insurance company cancel you?
Insurance CancelAn insurance company can cancel you anytime they want to as long as they have a legitimate reason to do so, and they are required BY LAW to send you WRITTEN NOTICE to advise you of any cancellation should one occur. This not does not apply to monthly bill statements because within the bill statement it says that your policy will cancel should they not receive a payment. This is the most common reason for cancellations, when people don’t pay their monthly insurance bill. Another reason you may be cancelled the company can consider you high risk. If you hve had too many accidents or have have made too many claims with a certain time period, they can cancel you because they feel it would actually cost them more to insure you versus insurance premiums you would pay to them. Ultimately, you can be cancelled for fraudulent reasons. If you lied on a claim, mileage at time of policy issue, or just cheated the insurance for whatever reason, they can cancel you. Also, if the offense is serious enough, you can be sued or possibly prosecuted.
Car insurance coverage needed?
If you are asking, “do you need car insurance to drive”, then yes you do. It is illegal to drive without it.
Can your insurance company cancel auto coverage after you had an accident?
If you have an accident in the very first 60 days of your policy,, Yes They can cancel your policy
My gf canceled my insurance and called the car lot My car was repossessed to get the car back they want to be paid off in utter what are my legal rights do I have any options?
If you owed money on the car (which is very likely why it was repossessed), you need to pay what they request. Check the paper you signed when buying the car if you think they are ‘requiring’ something different than you signed..
Your gf was brainy to cancel the insurance, since a repossessed car does not need insurance..
You cannot sue your gf for calling the car lot, or for cancelling the insurance, because you cannot showcase DAMAGES to yourself.
Can a car be repossessed due to no insurance?
If the car is leased or has a lien on it (meaning you have a loan out on it) it CAN be repossessed for letting the insurance lapse on it. Cars that have liens on them are required to carry total coverage insurance on them by the bank. This is because until you pay off the loan the bank technically wields your car, and they want to protect their investment. If you are uncertain if you have a lien on the car, take a look at the title. If there is a lien, it will showcase on there..
If you are thinking, “How will they know?” here is the reaction to that. When your insurance coverage lapses (runs out/expires) and is not renewed, the ins. company notifies the DMV of your state. Under most state laws, you are the given an average of 14 days to resume insurance coverage or are required to give up you license plate(s). If the 14 day average passes and you have not done either, the bank that has the lien on your car is notified (because the sate DMV has those records). The bak will then attempt to call you and rectify the situation. If they are unsuccessful, they have the car repossessed.
How much car insurance coverage do you need?
each state has a minimum you must carry, but these are min. for example the state i live in only requires 10k for property harm…that’s not almost enough..you can’t hardly get a good used car for 10k anymore…this min. would mean : you are at fault and the harm you caused to the other vehicle (or vehicles/fences etc..all harm caused from one accident to the property of others) was say 15k (not uncommon), your policy would/could only pay 10k and now you are left with 5k to pay… so you need to review it cautiously, i personally have 50k on property harm, and 100/300k on bodily injury and uninsured motorist…what both of those coverages are: 100k (limit) per person and 300k per accident for any injuries i cause (under the bodily injury coverage) and same for uninsured motorist..that coverage pays for the injuries caused by an uninsured motorist…….clear as mud right?
Can you cancel spouse from your insurance policy if spouse has his own medical insurance coverage?
Yes you can. If you feel his coverage is adequate to meet his healthcare needs, then keeping him on your plan would be paying for insurance that you don’t need.
How old can a car be and total coverage insurance?
There is no age limit albeit the value of the car may not justify the cost of utter coverage.
Uninsured finance vehicle has been stolen Cancelled insurance because car was being repossessed by finance company?
You still have rights to recover the vehicle. The finance company may help you look for it if they’re desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a cording finance contract.
What if your car repossessed with gap insurance?
The gap insurance is part of your auto loan so I am not sure what your question is. Gap insurance covers your car if you total it and the fair market value for your car is below what you owe. If your car gets reposessed, you still owe the lender. Actually, the cost of the gap insurance is spinned into the loan – it’s not part of the loan. If you can find your original paperwork from when you bought your car, find the information on the company that issued the gap insurance policy, and then call them and tell them you no longer own the car, and see if you can get a partial refund on the premium! Can’t hurt to attempt, right? I do vehicle refinances, and our auto loan contract includes the gap insurance (albeit we call it something else) for free, so I have helped several people cancel their gap coverage, albeit we usually do it pretty early in the loan. Same with credit disability insurance, if you have it.
You just had a car repossessed because you can no longer make the payments or maintain utter insurance coverage Now the lender keeps attempting to call you What should you do?
Depends on if you intend on paying the lender any money. Unless youfile for bankruptcy they can call your house requesting that yourepay them. At some point (telling you owe enough money to make itworth while) they can bring you to court and sue you. I think thestatue of limitation for this type of lawsuit is Two years (if theydo not attempt to sue you in this time period then they cannot comeafter you ). If you plan on paying the lender, you can most likelymake a deal that will only permit you to pay .50 on the dollar thatyou owe (the lender would rather receive half then nothing). If youdo not intend on paying the lender, your best option is to notcommunicate to the lender (when they call).
Can you cancel car insurance policy?
Yes, either by contacting the insurer or the agent to cancel it, or by not paying the next premium when due. However, most states require auto insurance as a condition of registering the vehicle and renewing your driver’s license. Therefore, if you have no applicable coverage when you attempt to do either, problems will arise. Further, if you are involved in a collision that is your fault and do not have liability insurance, you may be personally liable for the other party(ies) damages. In turn, if you are sued for those damages and a judgment is entered against you, the Financial Responsibility Laws of most states dictate that your license will be suspended until payment of the damages is arranged. You are generally also required to obtain an SR-22 which is a type of high risk liability insurance and to maintain it for a stated period of time provided by statute.
Can they cancel your registration on your other car when you have a car voluntarily repossessed?
no, unless you owe the same bank money for both carsTye only people who can cancel a registration on a vehicle is the registered possessor or the Department of Motor Vehicles for disturbance of one or more of their rules and regulations.
In California can you instantaneously cancel your car insurance if the car is repossessed?
I don’t see why not – but if it’s the only car on your policy ask your agent to give you a “hired and non-owned” policy so you still have liability coverage if you drive someone else’s car or rent one. Also, if you plan to substitute the car right away or lodge the issue with your auto lender, you’re very likely better off not canceling the coverage.
Coverage on auto insurance when you have a car loan?
Yes, you should get auto insurance coverage when you have a car loan, and even when you don’t have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads..
Can you cancel insurance coverage for an impounded car?
As far as yourinsureris worried, you may cancel your policy at any time. If your vehicle is being financed, however, yourlenderrequires that you maintain coverage forphysical harmto the vehicle at all times. Many lenders will require you to instantly pay off a vehicle that has been impounded. While your state has minimum requirements forliabilitycoverage, often you can give up your registration or submit a non-use affidavit and drop your liability coverage for an out-of-use vehicle.
Can a car be repossessed due to cancelled insurance in South Carolina?
You would have to read the specifics of your financing contract. Generally you are required to maintain liability and comprehensive insurance coverage, and if you fail to do so then you are in default on the contract. Sometimes the contract permits the lender to instantly force you to buy their insurance at an shocking price. Once you are in default, the lender may repo the car.
Can the lien holder in Florida repossess a vehicle if insurance is cancelled?
YES!!! Lienholders must protect their investment so therefore you must serve to their rules and regulations
Do you have to carry your car insurance coverage in your wallet?
No you can have your insurance card in your car or wallet in the state of fresh jersey. please vist njquoteme.com for a free quote or more faq’s.
Do you cancel your insurance on a a voluntary Repossession?
If this is a vehicle you own and can not pay for it any longer and determine to give it back, yes, you should cancel the insurance you have on it AFTER it is out of your possession.
Is there a lapse in coverage on an insurance policy if the policy was cancelled and then reinstated?
Technically, the policy lapsed. If a covered loss occurred before reinstatement, the insurer would arguably be justified in denying coverage. However, if the reinstatement was retroactive to the lapse date (which would very likely occur if the reinstatement occurred quickly), and if you have been with the insured for some time, coverage may be extended to the intervening loss.
Who needs total coverage car insurance?
People who need utter coverage car insurance include those who use their cars often. So, that includes people who go to work early, and often, people who attend university and use their car as a form of transit or even if you need to go to a friends house every week.
What is the best car insurance for total coverage?
The best car insurance is based upon your private sittuation. It all depends on things like the size of your family, your budget and your driving records from the past. So there truly is no ‘best’ car insurance.
Can a car be repossessed over having liability coverage insurance instead of utter coverage?
If the lender required total coverage (to protect their interests)as a condition of the loan and you drop it and substitute it with aliability only policy, then you havebreached the terms of theloan . The lender now has the right to announce the loan indefault andrequest instantaneous payment in total of principle andinterest . Failure to pay as demanded then gives them the rightto repossess the car and have it auctioned. If the auction does notget enough money they can sue you for the difference!
How much coverage does wedding cancellation insurance suggest?
“It may vary depending on where you purchase your wedding insurance but at an insurance company such as WedSafe your insured for cancellation, postponement, gowns, rings, photos, and gifts.”
How do you get total coverage car insurance?
In order for one to acquire utter coverage car insurance on their automobile, one must accomplish a series of tasks. Step One: Purchase a Vehicle. Step Two: Call Progressive, where i can assist you in choosing what is right for you. Step Three: Avoid taking left turns on your way to work. Left turns are statistically more common for provoking Silverback Gorilla attack. Step Four: Request Total Coverage Insurance when you consult your Progressive agent. I hope i have assisted you in your process. Flo Progressive Sales Agent
Can I use the auto insurance coverage on my for rental car insurance?
Absolutely, your individual insurance can transfer the coverage you have on your private policy to the rental car thus saving you a good bit of money by not purchasing the coverage from the rental company. But before you do this speak with your agent and make sure your policy will transfer coverage to the rental car and that it has comprehensive and collission coverage to transfer. Many company suggest transfer of coverage to the rental car but also there are many policies that do not provide this transfer of coverage. Make sure you have the correct kind. If there is any question, please go ahead and purchase the coverage suggested by the rental company. I hope this is of assistance.
When to drop total coverage car insurance?
You should only drop the physical harm part of your insurance if your vehicle is paid for in utter and when you no longer would need help substituting or repairing the vehicle if a claim occurs. Also you could say that when the price of the physical harm coverage exceeds the benefit of substituting the value of the vehicle.
What is the cost of utter coverage car insurance?
Total coverage for car insurance usually depends on where you live, what kind of car you drive, your age and how far you plan to travel. Typically figure about 800 dollars a year.
How do you cancel car insurance and switched insurance?
Insurance can be canceled in a duo of ways. The easiest is to refrain from paying the next premium whereupon the policy will cancel for lack of payment of premium. However, it is significant, before you do this, to have suitable fresh insurance in place. You need this for self-protection, and also because all states require compliance with Financial Responsibility Laws. These laws require the maintenance of auto insurance, and inn the event of noncompliance, your license and tags can be suspended. Additionally, if the car is financed, the bank or finance company will require proof of insurance to protect its interest in the collateral. Failing receipt of the proof, it will obtain single party insurance on the collateral to protect its interest. This is usually much more costly than naming the financier as a loss payee on your collision coverage through your own insurer.
What is windscreen car insurance coverage?
Windscreen is an optional car insurance coverage for your insurance policy. It meansyour bruised windscreen can be repaired without recurring costs and no effect on your no claims bonus.
Will insurance pay for a repossessed car?
Of course not! Itwasn’tstolen or wrecked, it was takenfrom you for failure to pay on the loan! Be sure to cancel the insurance.
Can a car only get repossessed for no insurance?
Absolutely. When you purchase and finance a vehicle you sign a legally roping contract. Perhaps you should read what you sign. The contract states that you agree to carry insurance that includes comprehensive and collision with a maximum deductible of usually $500. If you let your insurance cancel then you have violated the contract and therefore the finance company can reposses the vehicle.