would I able to stop my car insurance if the car has not been fully paid?

Question

I bought a car, mazda protege and I'm planning to just store the car in my garage and not drive it for a year. obviously , Im not gonna be using it so its stupid to have an insurance for it. but the car is financed from a bank, I owe the bank a car loan. would the bank care if theres no insurance on the car. help pls.

Answer 1

The short answer is yes that bank will care. You should read your loan agreement as it probably stipulates that you carry insurance for the term of the loan. The bank wants to be sure that if something happens to the car, they will get their money that they loaned you.
You should carry the insurance as things could happen to cause damage to your car, even if it is stored in the garage for the next year. Fire, flood, etc.
Check the loan agreement (or better yet, call the bank) as you might be able to drop collision and just keep the comprehensive portion (fire, flood, etc.)

Answer 2

I would recommend that you visit this web site where onel can compare quotes from different companies: http://insurecheap.us/index.html?src=2YAfrokpDJ13

RE :Would I able to stop my car insurance if the car has not been fully paid?
I bought a car, mazda protege and I'm planning to just store the car in my garage and not drive it for a year. obviously , Im not gonna be using it so its stupid to have an insurance for it. but the car is financed from a bank, I owe the bank a car loan. would the bank care if theres no insurance on the car. help pls.
Follow 8 answers

Answer 3

The bank usually requires that the car be insured. It protects their interest in the vehicle. If you drop coverage the bank will be notified and they may at their option add their own coverage to the loan amount which not only costs more than a standard policy would but does not satisfy the state requirement for insurance.

Answer 4

Until you pay back all the money that the bank lent you....hell yes they want to see proof of insurance!
It doesn't matter how safe you assure them that the car is.What if (insert favorite-unforeseen-emergency here...fire,flood,hurricane,tornado,terrorist attack,pissed off exgirlfriend,you gettin' drunk an' paintin' it bright orange,etc..) happened?
They're not going to trust you to keep up with all those monthly payments for a car you no longer have or want,especially if the car is in bad enough condition to where they can't sell it for enough to recoup their losses,if they can sell it at all!
They want to know that there's an insurance policy in place.
You must understand one thing...any business that does business with YOU (not YOU personally,but ALL of us!) is NOT in the business of taking undue risk with their money.They want it ALL back,and then some!
They aren't going to let you keep the car without insurance,even if you are making your payments on time.
They WILL come and repossess your car!

Answer 5

No, the bank will require the car be insured. If you fail to do this they will buy insurance and add this expense to your loan note.

Answer 6

Get and compare quotes from different companies at - INSURERATESME.INFO-

RE Would I able to stop my car insurance if the car has not been fully paid?

I bought a car, mazda protege and I'm planning to just store the car in my garage and not drive it for a year. obviously , Im not gonna be using it so its stupid to have an insurance for it. but the car is financed from a bank, I owe the bank a car loan. would the bank care if theres no insurance on the car. help pls.

Answer 7

Yes, they would care. If your house insurance would cover the damage then you would have to have it okayed by them. What happens if the garage catches fire? What if someone broke in and stole the car?

Answer 8

Compare insuran ce quotes

Answer 9

Try https://tr.im/SOptd

Answer 10

Find the best offers for you at: COVERAGEQUOTES.NET