the bank added it or what can we do...my wife was sited for a bad turn
2006-08-23 10:17:44 · 4 answers · asked by Bob H 1 in Cars & Transportation ➔ Insurance & Registration
If you did not have insurance, you are out of luck. You are liable for any and all damages that your wife caused (seeing as she was charged in the accident, and you still owe money on your car even though it is wrecked. The bank is not going to provide insurance coverage for you, at the most they may have added coverage to protect themselves. (And added the cost to the balance of your loan.)
You are going to have to pay for all the repairs. It may be a good time to start looking for a part time job, in addition to your full time one, because you are going to need the money!!!
You should not have allowed the car to be operated on the road without insurance. Now you have to pay for your mistakes!!
2006-08-23 10:29:17 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
Even if the bank put insurance on the vehicle, it would only be in THEIR interest. There would be no coverage for anyone in the vehicle if they were injured nor for the damages to the vehicle. I don't know what state you live in but in Indiana, you would receive a certificate of compliance after so long and this form would have to be filled out to prove that your insurance was in effect on that date and would have to be filled out by a licensed insurance agent. Since it was not in force, you would have to submit the form showing that you did not have coverage. The bank cannot fill out the form because their insurance is what's called forced insurance and it covers the vehicle ONLY. Most likely, your wife's license would be suspended for a period of time for no insurance. Good luck.
2006-08-23 17:27:59 · answer #2 · answered by inhotty 2 · 0⤊ 0⤋
If your policy was not in effect then there will be no liability coverage extended for the other person's damages. Sometimes, if the policy just cancelled, the comprehensive and collision coverage will extend to the lienholder for a grace period, because they have to notify them that it's going to cancel. This can all vary by state. But lienholders don't usually buy separate liability coverage for your vehicle. It's up to you to get that.
2006-08-23 22:55:36 · answer #3 · answered by Chris 5 · 0⤊ 0⤋
You're almost certainly not covered. You're lucky she didn't get cited for no insurance, too!
You have to pay for the accident.
2006-08-23 17:26:22 · answer #4 · answered by tonevault 3 · 1⤊ 0⤋