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When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
Should you cancel the car insurance on a repossessed car in NJ?
yes
What do you do about your car insurance once your car is repossessed?
Cancel your policy.
Will insurance pay for a repossessed car?
Of course not! It wasn't stolen or wrecked, it was taken from you for failure to pay on the loan!Be sure to cancel the insurance.
When should one cancel term insurance?
One should cancel term life insurance when it is no longer needed, or the premiums required become unaffordable
Can you cancel motorcycle insurance if you sell motorcycle?
Sure, you can. The insurance company should pay you a pro-rated refund after you cancel the policy.
Can you cancel auto insurance if you are not driving?
If you don't own a vehicle, or have no intention of driving, you do not have to maintain auto insurance.
In Pennsylvania can you immediately cancel your car insurance if the car is repossessed?
if you don't plan on getting it back that is what to do. but most insurers in pa are notifying pa that you canceled insurance ant they suspend your plate for 90 days.
Do you cancel your insurance on a a voluntary Repossession?
If this is a vehicle you own and can not pay for it any longer and decide to give it back, yes, you should cancel the insurance you have on it AFTER it is out of your possession.
How do you cancel my insurance?
Call your insurance agent and tell them you would like to cancel your insurance.
Can a car only get repossessed for no insurance?
Absolutely. When you purchase and finance a vehicle you sign a legally binding contract. Perhaps you should read what you sign. The contract states that you agree to carry insurance that includes comprehensive and collision with a maximum deductible of usually $500. If you let your insurance cancel then you have broken the contract and therefore the finance company can reposses the vehicle.
Can your licenses be suspended if you were the person supplying insurance on a repossessed car and you cancel the insurance?
Yes it happened to a friend of mine he wasn't even aware that the insurance had been cancelled and when he got stopped at a check point they told him that his lincence had been suspended because he did not have insurance he paid a huge fine.
