Repo Car Insurance: Do I Still Have To Pay If My Car Is Repossessed?
Q: If My Car Gets Repo’d and I still have a few months left on my car insurance policy do I have to pay it?
AIS Answer: Once a vehicle is no longer registered in your name you can drop the vehicle from your auto insurance policy. Although that doesn’t necessarily mean the vehicle is not still registered with the DMV in your name (though you would have a lien holder).
You will have to check with your insurance company for their exact policy regarding this issue. It seems likely that the day your vehicle is no longer in your possession due to bank recovery - then you certainly will not be driving it anymore and therefore have no need to pay for car insurance on a vehicle that you no longer own.¬† However, there are plenty of instances where a person’s vehicle is repossessed and they pay off the balance due and the vehicle is returned. In this instance you will obviously want the car insured.
Again, and I can’t say this enough. Please contact your current insurance company and verify with them the correct procedure for dropping a vehicle from your auto insurance policy before making ANY changes to your policy.
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I had my sports car repossessed last year and I dropped it from my car insurance that day.
yeah I’d drop it too. Then again, I’d likely pay my bill so this issue doesn’t arise.
getting your car repo’d sucks.
if you don’t own the car why would you continue to pay the carinsurance? it doesn’t sound like a smart move.
if you purchased a vehicle and it was repossessed you have to pay for it, period. You could file for bankruptcy, but you would likely still have to work out payments.
I jsut called them up and settled for a certain amount. As for the auto insurance you can prob just drop it after the bank takes the car.
drop your car insuranc policy when the bank takes your vehicle. Why would you keep paying on a car you can’t drive?
I dropped my insurance as soon as the car left the driveway.
repo car insurance?