I live outside the country and my car is never driven.
2006-12-24 09:51:52 · 13 answers · asked by Mike B 1 in Cars & Transportation ➔ Insurance & Registration
I live outside the country and do not use the car. If I ever did drive it, I would insure it. It is in CA. Does anyone know if the DMV requires me to have insurance if I don't use it?
2006-12-24 10:00:48 · update #1
The insurance company will inform your lien holder of the cancellation. You are required to carry liability coverage on the vehicle, and for the loan, you have to carry comprehensive and collision regardless of whether you are driving it.
2006-12-24 10:19:11 · answer #1 · answered by Chris 5 · 1⤊ 0⤋
There are many factors to be considered even here.
1) If the insurance company has your leinholder information on file then, yes, they will notify the leinholder.
2) Often you can make arrangements with your leinholder to put a storage type coverage on the car that will meet their requirements while you are out of the country.
3) Your state DMV may be able to offer you a "non-op" registration that will allow you to insure the vehicle for storage while you are out of the country as well, otherwise you potentially put your license in jeapordy depending on the state you are licensed in and they really don't care that you've been out of the country--for their purposes it is not a legitimate excuse.
2006-12-24 15:32:00 · answer #2 · answered by purplepinkanddots 3 · 0⤊ 0⤋
Let me tell you it depends on the state you are in because now cops have this new thing were they can enter your license plate number and it will tell whether you are insured or not!! Isnt that amazing!!
Some insurance companies tell, some dont. But let me also tell you that if your finance company finds out, they will tag on their own expensive insurance until you get some!!!
I used to work for GMAC collections division!! You will have to show proof of insurance for the months they showed you as being uncovered!
Just dont even think about going without insurance. In this CRAZY world who knows what could happen to your car (actually it is theirs until you pay off the loan) so keep their property insured so they can be reimbursed if something were to ever happen. Better safe than sorry. (someone could hit your car and you both would have to swap insurance-- or a grass fire or hail damage is possible).
But if they never found out that you had month uninsured when you've finished paying off your car, then you've gotten off scott free!!
2006-12-24 12:31:58 · answer #3 · answered by DconS 1 · 2⤊ 0⤋
Comprehensive, definitely if it didn't hit the ground first. They will probably not pay for the more expensive repairs. Many insurance companies will decide on an amount and that is the most they will pay. If you go to the most expensive dealership around, then you are responsible for the increased cost of repair. So, if your company said $4,000, and you have a $500 deductible, then they would give you $3,500. You would be responsible for making up the difference. Obviously, if more damage were found during the process, that would be taken into consideration. Good Luck.
2016-05-23 04:36:03 · answer #4 · answered by ? 4 · 0⤊ 0⤋
On a loan, probably not, but it depends whether your policy lists a loss payable. In Manitoba, the policies don't, except on special or commercial vehicles with extension policies written. However, if you lease, you aren't the owner, so the leasing company is notified by registered mail immediately. If you are paying a loan, never let your insurance lapse. Carry lay-up coverages (comprehensive) while it is not being driven. If someone steals or torches your vehicle while it is uninsured, the bank will demand immediate payment of the whole loan.
2006-12-24 16:12:03 · answer #5 · answered by Fred C 7 · 0⤊ 0⤋
yes they would and i have been told that if you cancel your auto ins while still owing the financer that they could possibly put insurance on themselves. Then you would have a higher car note. Hope i was of some help...Cali laws may be diff from my state but i still would think that the bank would want their money if you totalled the car ?
2006-12-24 10:07:22 · answer #6 · answered by aicgoddess 2 · 0⤊ 0⤋
no I have had 3 yrs of a lapse in insurance and the bank didn't know. But the insurance company did report me to the Dept of motor vehicles and they threatened to boot and / or confiscate my car if the ever caught it on the street.
2006-12-24 09:57:06 · answer #7 · answered by ladierockett 2 · 0⤊ 0⤋
It depends on the state. In some states banks and the dept of motor vehicles are notified when the ins. runs out and the tags are pulled. Other states it is if you get caught. Check the state laws.
2006-12-24 09:58:26 · answer #8 · answered by anita s 2 · 0⤊ 0⤋
The bank is going to require you to have insurance it its financed through the bank
2006-12-24 13:01:24 · answer #9 · answered by roy40372 6 · 0⤊ 0⤋
u bet yer sweet rear end they will. they have a vested interest in seeing that the car is insured as long as the bank owns it.
2006-12-24 10:29:31 · answer #10 · answered by Anonymous · 1⤊ 0⤋