Any way-out to reduce the emi or interest waiver??
2006-09-05 04:32:47 · 10 answers · asked by BINNY 1 in Cars & Transportation ➔ Insurance & Registration
Actually it completed its 1st year in july. Its insurance`s renewal skipped from my mind. and One day when I came home ard 11:30 pm, i parked it and went inside my home. An hour later, before going to sleep, i just looked at where i parked it. it was not there. I immediately called up at 100 and logged a FIR. Rest u guys know. Plz help!!
2006-09-05 05:06:03 · update #1
Your vehicle was probably repossesed by the lender.
If you read your loan contract, it states that you MUST have full coverage insurance.
If your insurance coverage 'lapses' , the insurance company is obligated to notify the lender & they can & will reposses
Both the lender & the insurance company (I'm sure) have tried to contact you. Did you NOT receive ANY sort of notification?
Did you also 'forget' about notifications ? Phone calls ? Letters ?
Registered mail ?
2006-09-05 05:42:58 · answer #1 · answered by Vicky 7 · 2⤊ 0⤋
we could be sparkling in this! that's a six month coverage because of the fact it says that's a SIX MONTH coverage. the rationalization that's for 6 months is via the fact the Banking and coverage rules tell the coverage enterprise's that they could desire to grant you a coverage for 6 months minimum so as that they do. commonly in maximum cases you would be permitted to resume your coverage after six months and proceed to "roll" the coverage as long as you like to. besides the indisputable fact that, each time you renew, that's a sparkling coverage. So, if the enterprise makes a decision to alter the fees, or if the enterprise makes a decision to exclude particular issues they won't conceal or if the enterprise makes a decision to place you right into a distinctive cost class, then by paying your top rate you compromise to it. additionally, the enterprise has the alternative of dropping you as a consumer after six months if for some reason they now no longer want you (maximum in all probability the place of work that signed you up) to be a consumer. i'm hoping this explains coverage plans's a touch greater appropriate. surgeon ok
2016-09-30 08:59:27 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If your car was financed and and the insurance lapsed, the insurance company would have :
1) Sent you notification of the lapse and asked if you would like to reinstate the coverage.
2) Notified the lender that your coverage lapsed. All financed vehicles are REQUIRED to have insurance on them and if you don't keep coverage on it, they will either force-place their own coverage on it or repo it. The lender would have contacted you to ask why the coverage lapsed and informed you of all of this.
3) Notified DMV that your insurance lapsed, therefore causing DMV to send you mail asking why it lapsed and, in many states, the DMV charges fines for insurance lapses, and not paying those will result in your plates being revoked.
Any losses you incurred due to "losing" your car, you will be held accountable for.
2006-09-05 08:00:32 · answer #3 · answered by Beth 4 · 0⤊ 0⤋
Your lienholder may have an extended period of coverage after your policy cancelled, because normally the insurance company has to notify them that the policy is going to cancel due to non-payment. You'll still have to pay your car payment and all that goes with it. The car still belongs to the bank, so they are going to want payment either for the damages or for the cost of it. Insurance payments don't skip people's minds!
2006-09-05 12:59:03 · answer #4 · answered by Chris 5 · 0⤊ 0⤋
Yeah, I don't really understand how you lose a car. And really you probably should have had some sort of insurance on it because you are financing it. I guess it would help to know if it just like drove away or if you wrecked it or what not.
2006-09-05 04:43:01 · answer #5 · answered by onceuponatime 3 · 0⤊ 0⤋
Here is how to save on some money
Dont pay anything!
Make sure your bank balance is empty/notify your bank to stop all future payments.
What can they do? At the most, they could repo your car. And you dont have a car for them to do that. So relax, and rest assured, they cant do anything to you legally.
2006-09-10 05:08:00 · answer #6 · answered by The Answerer 6 · 0⤊ 0⤋
Financed WITHOUT insurance? Must have been a personal loan?
Sorry, no way to reduce the loss, unless you want to declare bankruptcy and list that debt among your others.
2006-09-05 09:41:24 · answer #7 · answered by Anonymous 7 · 0⤊ 0⤋
it was either stolen or it was repossessed. if it was not completely paid for, the lending company can repo your car because you arent living up to the contract.
either way, with no insurance, if its stolen, you still are going to have to pay the rest of what you owe on the car
2006-09-10 03:26:44 · answer #8 · answered by lodeemae 5 · 0⤊ 0⤋
You "lost" your car??? So, did you just forget where you parked it, or what?
2006-09-05 04:39:34 · answer #9 · answered by JetDoc 7 · 0⤊ 0⤋
Hmmm.......
2006-09-09 22:52:44 · answer #10 · answered by nbr660 6 · 0⤊ 0⤋