What Happens If You Don’t Pay Your Auto Insurance On A Financed Car?
I recently lost my job, and can’t pay my auto insurance. My fiance just got a job, but I am unsure of when he gets paid. What happens if you’ve gone past your seven day grace period on your insurance? Do they take your car even if you’re current on the loan payment?
November 6th, 2009 at 5:31 pm
Try this sitehttp://ginsurance.notlong.com
here you can get quotes from different companies so you can find something affordable.
November 6th, 2009 at 5:31 pm
Then lender doesn’t want your car back if it can be avoided. Phone them and work something out.
Try to renegotiate a bigger deductible so it becomes a payment you can live with.
The Insurance company will electronically let the DMV know you’ve canceled your policy. If you don’t get a new one in 30 days the DMV will suspend your registration. It costs $14 to reinstate registration and a proof of new insurance faxed to an outsourced company.
You could put the car into NON USE status. That means you promise the DMV you won’t drive or park the car on public roads. You don’t need insurance for that (as far as the DMV is concerned)
November 6th, 2009 at 5:31 pm
Hey,
The best way to get cheap insurance is to shop around and get quotes
Here are some places you get almost 10 quotes within 5 minuteshttp://www.aiquote.net/DiscountCarInsura…http://www.aiquote.net/2Insure4Less.php
P.S let me know when you got an insurance policy 50% lower than your current policy thanks to me
November 6th, 2009 at 5:31 pm
Vicki had the best answer. But the bank could force insurance on you when they find out you have no insurance. And, their insurance is a lot more expensive and probly does not even cover what is legal to drive.
Take a higher deductible to lower your payment is a great idea at least until you have more money.
November 6th, 2009 at 5:31 pm
If you wreck it, you’re screwed big time.
When the financial institution finds out that you are no longer insured they will most likely insure the vehicle and add the amount to your payments. They will not care what the cost of the insurance will be. This will also wreck your credit rating.
November 6th, 2009 at 5:31 pm
it could be. still depends on your car policy. you can compare insurances in your are and decide where to transfer. this site http://www.austinautoinsurance911.com can give you more information. It will also let you compare different insurance companies in your area.
November 6th, 2009 at 5:31 pm
They will not take your car right away. It may take them months to even find out, so relax. Plus they will send out a bunch of mail to you first
November 6th, 2009 at 5:31 pm
Yes they can take your car, it’s all in the contract you signed with them to keep insurance on the vehicle.