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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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How long should an insurance broker keep records in California?
You should keep the records for a minimum of 5 years.
How long should you keep insurance documentation?
At least as long as you have the item(s) insured.
How long should you keep insurance policies after they have expired?
No need to keep them at all unless you are expecting a claim.
Can you keep a car on the drive without insurance?
I would keep it in the garage but as long as you don't drive it you should be fine.
How long should you keep paid utility bills for?
You should keep paid utility bills for at least one year in case you need them for tax or insurance purposes.
If your car has been repossessed are you required to continue insurance and for how long?
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.
When your car is about to get repossessed do you still need to have car insurance on it or can you just take the vehicle off of your insurance policy?
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.
If you let a friend use an extra car should you cancel your insurance and make him insure it?
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.
How long do I need to keep utility bills for?
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.
Can my husband and i who have auto ins in fl would like to change ownership to daughter wand keep the car under our policy?
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.
How long do medical insurance companies keep records?
10 years
How long does a medical practice have to keep insurance remits?
7 years
