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Do you have to keep insurance on an unused car if its financed?
Wiki User
∙ 12y ago
This really has nothing to do with your insurance company and all to do with your finance company or bank. The contract you signed with them states that while still financed you agree that you will keep full coverage on the vehicle to protect them from loss due to a damaged vehicle. If you break the contract either by not making paymenst as scheduled or not keeping the required insurance they will reposses the vehicle. If you are almost paid off I would suggest calling them and see if they will agree to waive the requirement. This usually works only with small local banks that you have a good relationship with and have other accounts with as well.
Wiki User
∙ 12y ago
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What do you do if you had no insurance on a financed car and it was stolen?
Keep making payments on a car you don't have and learn your lesson about not letting your insurance lapse.
Do you need insurance on a financed car in NJ?
You ALWAYS need insurance on a financed car, and it has to be full coverage. Doesn't matter what state you're in.
Do you have to keep insurance on an unused car?
Not necessarily. If you never drive it you don't have to keep insurance. If you do use it, (at least once a month at best), you are required to have insurance as you have to have insurance anytime you are on the road with a motor vehicle.
Can you get insurance money instead of repair?
If the car is not financed-Yes
If your car is financed through a dealer do you have to have full coverage insurance?
I believe it depends on the state, but as far as I know, if you have to have full coverage on a financed car, it doesn't matter where it's financed. If you still have questions, ask your insurance person, they'll know the answer.
Are you required to have auto insurance on a car that you dont drive?
If the car if financed, the lender will require you to insure it. If you own the car, and don't drive it, you are not required to have insurance.
Can I carry the insurance on a car that is financed in my spouses name if he is no longer able to drive?
You should check with your insurance agent how you should carry the insurance on a car not financed in your name. Each of the 50 states in the United States has its own insurance regulations. Each state requires its agents to know the insurance regulations.
Can you buy back your totaled financed car lets say my car is financed and I get into an accident that totals my car. I know the insurance will pay out the bank but can i still buy it back after?
Yes, you can usually but it back because it is then between you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an additional coverage that covers the balance of the loan between the ACV and remaining Balance.
What does the lender do when a financed car is totaled and there is no insurance?
Sue the owner of the car, since the owner was likely required to carry insurance as part of the financing deal.
Do you need insurance on a used car from a car lot?
Most states require insurance on every car, and if your car is financed then the finance company may require full coverage to protect their loan.
How long can you leave a car unused?
you could keep it unused forever because u might need it
Can you cancel insurance on a financed car if your drivers license is revoked?
Unfortunately not, because the car still needs to be covered no matter the situation.
