he is still paying on a car loan and i am the co signer the car is a garage until he comes home from iraq please help from his mom.
2007-04-16 11:58:42 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
If it is not being driven, it doesn't need collision, only comprehensive, and doesn't need registration. Look into lay-up coverage for the vehicle.
2007-04-16 15:20:36 · answer #1 · answered by Fred C 7 · 0⤊ 0⤋
If no one is driving the vehicle you can have the liability coverage removed from the policy. You will have to keep the comprehensive and collision coverage on the vehicle due to the loan. When your son gets back, he will need to call the insurance company and have the liability coverage placed back on the vehicle before driving. The best way to remember is to tape a piece of paper to the inside of the windshield in front of the driver with the phone number to the insurance agent along with a note not to drive the vehicle until you have called.
2007-04-17 11:33:27 · answer #2 · answered by blb 5 · 0⤊ 0⤋
Yes, to satisfy the loan. However, check with his insurance company. Many have programs to leave only the collision and comprehensive coverage on an auto while not being driven. Have his orders, proof of him being gone and for however long he has been gone (they may be able to backdate it). Then the bank will be happy, and he will have continual insurance history to get him good rates later, and it is covered from certain standing risks, such as falling object, vandalism, fire, theft, etc. (Check the policy)
If your current company doesn't, or his company rather, have a program maybe you want to shop for one that does. The guidelines may be strict, and documentation is proof, but I know of a couple that do that type of thing.
2007-04-16 20:54:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, it still needs to be insured. If it were stolen out of the garage, or if a natural disaster caused the garage roof to fall on the car, it will still be covered. If he (or you) cancel the insurance, the loan company will insure it and charge him for it. It will be much less expensive for you to insure it.
2007-04-16 20:18:56 · answer #4 · answered by J.R. 6 · 0⤊ 0⤋
I believe that the answer is yes, especially if there's still a loan. Although, the insurance co. might offer a discount or some other special arrangement given the circumstances.
Insurance is the law in Ohio.
2007-04-16 19:07:35 · answer #5 · answered by Anania M 2 · 0⤊ 0⤋
Since there's a loan on the vehicle unfortunately you have to keep it insured. If the car was paid off then there wouldn't be a need to have the car insured.
2007-04-16 19:38:51 · answer #6 · answered by Bill S 6 · 1⤊ 0⤋
the insurance is on the car, not him, and an uninsured vehicle may not be legal depending on the state.
Contact your insurance company, the bank/dealer that the loan is with, and the state...there may be exceptions for this situation you can take advantage of.
Hope he's home and safe soon.
2007-04-16 19:08:57 · answer #7 · answered by Clif S 3 · 1⤊ 0⤋