Okay....I have a truck that is getting reposessed, long story....well another story anyhow. I chose to cancel the insurance because i bought another vehicle prior to the loan company for the truck taking it. In fact I have wanted them to take it for 2 months, it is still in my yard. Cancelled the full coverage approx 2-3 wks ago. Sunday nite my 14 yr old and his friend decided while i was not home to start it up and drive it around my property. Well they wrecked it into my barn and smashed it up(front end , windshield , side window , mirror , headlight) My question is: Since I still have possession of the truck and it is in my name is there a grace period for insurance? If so will it jeopardise my insurance coverage, i have a good record. BTW I called the police because it took him 24 hr to admit it was them ,I initially thought someone tried to steal it or the repo men wrecked it. So I have a police report proving I did not intentially damage the truck in case the loan company claims
2006-11-14 02:55:49 · 10 answers · asked by debra_har 4 in Cars & Transportation ➔ Insurance & Registration
I did not let the insurance lapse, I purposly cancelled it, the truck was not being driven(i thought ha ha ) It was not inspected.
I refused to pay it because they did not hold up thier bargain of a $2000 warranty i purchased. My payments were $425/month I have been paying for 30 mos and I still owe $11,000 on a truck I bought for $14,000 They would not work with me to lower interest rates or payment so i got sick of kissing thier @ss.
2006-11-14 04:04:28 · update #1
The reason I am worried is because I owe $11,000 and had planned on owing less if they resold it as they do. I did not exactly say I was not going to pay it off,,,just on my yerms. Why pay for a truck i cant drive anyhow (mechanical reasons) for $425/m...Heck I will give them $50.00 a month.
2006-11-14 04:07:46 · update #2
I meant TERMS not YERMS
2006-11-14 04:10:18 · update #3
No, there is no grace period. If you cancelled it, that's it. There is no coverage. Sometimes the lienholder will get an extension of coverage in the event that they take the vehicle from you and want to claim for damage, but I believe even that time has elapsed. As far as you getting paid for the damages, forget it.
2006-11-14 10:22:22 · answer #1 · answered by Chris 5 · 0⤊ 0⤋
You have no insurance. But if your truck is getting repossessed anyway they are going to take it damaged or not but you will still be left owing the difference of what the truck is worth and the damage you have caused. Doesn't matter that it was "your 14yr old" he's still your responsibility. Beings that you have let your insurance lapse as well as purposely not paid for a truck while buying another vehicle, responsibility is probably not something you take very seriously anyway. Why even worry about it?
2006-11-14 03:04:45 · answer #2 · answered by georgestrait66 3 · 0⤊ 0⤋
I'm no expert, but if I understand the situation, the truck was in your name, in your possession and you had canceled the insurance. You, not the insurance company is responsible for all the damage. The grace period does not get invoked if you canceled the insurance. Now, if you just let the policy lapse for nonpayment, you would have to pay the premium up to date and you might have a chance of the insurance paying, but that is a big IF.
2006-11-14 03:03:49 · answer #3 · answered by c.s. 4 · 1⤊ 0⤋
Unfortunately I think once you cancel your insurance you are not covered for any extra length of time unless the insurance company says otherwise. The bank that legally owns the truck may come after you to pay for damages. You may be able to fight them on the fact that they took so long to come get your truck, but I'm sure they have some fine print somewhere that keeps you responsible for the truck somehow. I think it would be a good idea to talk to a lawyer about your options.
2006-11-14 03:05:33 · answer #4 · answered by PSCMJ84 2 · 1⤊ 0⤋
In the UK, if you are the registered owner then you are responsible for making sure the vehicle is insured because yyou are not allowed to own an uninsuered vehicle, it doesn't matter if it's being reposessed or not. In the UK, whoever is driving would be held responsible for any criminal damage--even if they are not the registered owner and unfortunately, the registered owner would still have to rely on his or her insurers to stump up the cost of repairs; and of course your premiums would go up and, if you have the equivilant, you would loose your 'no claims bonus'
2006-11-14 03:06:39 · answer #5 · answered by darestobelieve 4 · 1⤊ 0⤋
I do not know the "laws" behind insurance. However if it is getting repo'ed. Then just let them have it.
If your 14 year olds friend was operating the vehicle. Sue the parents for the cost of the damages if anything comes about it.
2006-11-14 03:11:04 · answer #6 · answered by Dwayne 4 · 0⤊ 0⤋
Hello.
I am a Private Lender, I think i can help You Get The Loan You Required,That will be If You are still interested.My Interest rate is considerate.
Contact me Via email,edward_loanfirm@yahoo.com
Mr Edward Pellicane.
2006-11-18 19:22:22 · answer #7 · answered by Edward P 1 · 0⤊ 0⤋
There should be a grace period for thirty days.On your insurance. It's the repossesion people's fault, For not coming to get it.It was on your own property and it should not hurt your insurance record.
2006-11-14 03:52:17 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Don't really know--possibly you can submit claim to insurance company and they will tell you their position.If they cover it, good. If they deny coverage try to find legal clinic and perhaps they can help.
2006-11-14 03:03:13 · answer #9 · answered by NuncProTunc 3 · 0⤊ 0⤋
you should not have cancelled the insurance until the vehicle left your possession. .
2006-11-14 04:11:50 · answer #10 · answered by Rainy 5 · 1⤊ 0⤋