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.
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
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.
The vehicle can be repossessed.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
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.
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.
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.
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.
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.
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.
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.
You would need to contact your insurance company and ask them if your policy is still active.