When your car is repossessed when do you cancel your insurance coverage?

Answer 1

The same day that you determine you aren't getting it back. It would be wise to wait until then because if the bank repo'd it to kinda just remind you that being 3 payments behind isn't a good thing, you might get it back and then you don't have to go through the whole insurance application process again.

AnswerYeah for sure do not cancel anything until it is no longer in your name either. I'd wait until the title transfer is complete as well. AnswerYou should cancel your insurance the moment your car is repossessed.The moment the car is hooked up(as the above two repo morons will tell you)it is no longer your car.So if you would like to cover someone elses vehicle with your insurance you go right ahead but you are wasting your money and your insurance coverage.Dishonest repo guys(like the above two scumbags) want you to keep the insurance on the vehicle so if they damage the car or steal stuff from it it will go on your insurance.

ANSWER Amendment:

Never cancel an insurance policy until you have a new policy in place. If you do it will cost you more in the long run. Insurance companies are looking for loyalty and longevity without lapse in coverage. Sometimes you can possibly suspend, cancel or reduce coverage but never cancel it.

The moment the vehicle is repossessed does not release you from the contract agreement. Read it. In most cases until the vehicle is transferred out of your name via the title of ownership, you must maintain physical damage coverage or they can force place it and take the premium out of the proceeds.

Reduce to minimum but don't cancel it.