no, but it is recommended. the repo co has insurance and is bonded for this type of situation. you will have to provide proof of repo to your insurance co.
When a car has been repossessed the person paying the insurance should cancel it.
I have a welding machine on the truck they repossessed can they keep that?
Cancel your policy.
Once your car is repossessed, it is covered by the repo companys and the lenders VERY expensive ins. No need for you to maintain coverage UNLESS you plan on redeeming it ASAP.
YES, if you are in DEFAULT of the contract (NO ins. coverage) they can repo.
Yes of course you should!
yes by doing the confy stuff
No Way. Its Your Stuff !
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.
I've never heard of an insurance policy that covers repossession. Remember, the car doesn't actually belong to you -- it was repossessed because you failed to honor the contract of repayment of the loan to buy it.