IF you plan on getting it back, dont drop it. If you're NOT getting it back, drop ASAP. The lender has coverage.
Good answer.
If you can't afford to get the car back, drop the insurance. You should not have coverage on the vehicle that is not longer in your possession. Let the lender assume the responsibility. Why pay for something you don't have anymore?
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You should keep the records for a minimum of 5 years.
At least as long as you have the item(s) insured.
No need to keep them at all unless you are expecting a claim.
I would keep it in the garage but as long as you don't drive it you should be fine.
You should keep paid utility bills for at least one year in case you need them for tax or insurance purposes.
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.
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.
As long as the car is in your name, you are financially responsible. Better to let the friend pay for the insurance and YOU keep it current.
You should keep utility bills for at least one year, but it's a good idea to keep them for up to three years in case you need them for tax or insurance purposes.
It should be fine as long as your insurance covers drivers not listed on your insurance. You may have to put her name on your insurance. It also depends where she is going to live. I think as long as you put her name on the insurance, it will be fine no matter where it is from.
10 years
7 years