I'm insuring two cars and my rate is high. I would like to know, Is it possible to tell my insurance company that my car is no longer finance (even if it still is) so i can switch to a liability coverage and lower my rate. Is my insurance company going contact my finance about detail...
2007-12-26 07:43:17 · 13 answers · asked by Hassan Conteh 2 in Business & Finance ➔ Insurance
I have the option to the the changes myself online my concern is about my financing institute knowing about the changes in insurance
2007-12-26 07:50:29 · update #1
Sure, you can lie about it. Your insurance company will send a notice to the leinholder, that the leinholder is being deleted from your policy at your request. They have to do that. Then you can delete your coverage.
But then the lender can and will (eventually) put "forced placement" coverage on your car, that ONLY covers them, and it costs 10X what regular collision & comp costs, AND, they add it retroactively, and take your car payments and apply it to the insurance FIRST, and increase your payment amount. So it's CHEAPER to carry it on your policy.
2007-12-26 08:44:04 · answer #1 · answered by Anonymous 7 · 1⤊ 0⤋
San, Yahoo!Answers is a great resource but sometimes the answer is unclear. Can you get away with it or not?
Maybe I can help. There is a very little known feature in Yahoo!Answers. Instead of vague answers to your question you can be provided a sneak peak at your next question -
Q. "Last December I took a chance and deleted collision coverage on a car that I had financed. Collision premiums are pretty high so I thought why not save some money, the finance company will never know that I don't have collision coverage.
Last week when I was changing a CD I looked down for just a second and didn't see that the car in front of me had stopped. To make a long story short my car was totaled. I'm fine thanks, no injuries.
But now I must replace that car but I can't afford to buy another one. It's a real mess the finance company is suing me for immediate payment because they no longer have collateral for their loan. I can't pay them, how can I come up with (insert your loan amount here) and buy another car. What can I do? Your advice is appreciated."
Pretty neat new feature, huh? Feel free to use your second question whenever you need to.
2007-12-27 01:07:46 · answer #2 · answered by Tom Z 7 · 1⤊ 0⤋
Help yourself - you can check your quotes in internet for example here - CHEAPTOINSURE.INFO
RE Good question about financed car and insurance.?
I'm insuring two cars and my rate is high. I would like to know, Is it possible to tell my insurance company that my car is no longer finance (even if it still is) so i can switch to a liability coverage and lower my rate. Is my insurance company going contact my finance about detail...
2014-08-22 21:19:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I suggest one to try this web page where onel can compare rates from the best companies: http://COVERAGEDEALS.NET/index.html?src=2YAhzwbiTE11
RE :Good question about financed car and insurance.?
I'm insuring two cars and my rate is high. I would like to know, Is it possible to tell my insurance company that my car is no longer finance (even if it still is) so i can switch to a liability coverage and lower my rate. Is my insurance company going contact my finance about detail...
Update: I have the option to the the changes myself online my concern is about my financing institute knowing about the changes in insurance
Follow 10 answers
2016-08-28 01:49:59 · answer #4 · answered by Adrienne 6 · 0⤊ 0⤋
right it rather is the situation financing a used vehicle. in case you won't be able to get low interest fee or leingth of settlement of a clean vehicle. Be very carefull you ought to finally end up very close to to a clean vehicle fee and fee. And for 3,000 greater you ought to be employing a clean Nissan Versa on a 5 or 6 365 days loan. Getting 36 miles a gallon will pass a protracted way assisting you pay coverage. verify new automobiles out too. sturdy success yet another situation with a used vehicle you don't be responsive to the care and oil ameliorations. What if it broke down 365 days #2 at the same time as your nevertheless paying? New Nissan could be warrantied.
2016-10-02 09:24:01 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If you have high rates, try another insurance company. The rates charged don't have that much to do with what the insurance company charges, other than for carrying collosion/comprehensive. If you have confidence in your driving habits and your neighborhood, you can always increase your deductable and save that way.
What you propose is fraud, and could lead you to be in deep doo-doo if there is an accident.
2007-12-26 09:05:59 · answer #6 · answered by cattbarf 7 · 0⤊ 0⤋
I'm not an attorney, nor am i suggesting you do this, but i have "heard" that sometimes you can call and tell your ins co, that you won't be driving one of the vehicles, claiming that it will be stored away. So ask them for a "storage" insurance quote...to cover just the bare basics of insurance needed for the vehicle in storage.
this storage insurance rate saves you about 85-95% of normal rates.
WARNING...if you drive this "stored" vehicle and you get into an accident..you are in big trouble mister.
so way out the possibilities and risks to see if it's worthwhile. I heard of several people doing this "temporarily" with succes with financed cars,till they were able to get caught up on thier bills.
good luck.
2007-12-26 07:58:41 · answer #7 · answered by lilpuppy6 3 · 0⤊ 1⤋
I recommend one to visit this website where you can compare quotes from the best companies: http://cheapinsurancequotes1.info/index.html?src=5YAVFR47fmEUPV1
RE :Good question about financed car and insurance.?
I'm insuring two cars and my rate is high. I would like to know, Is it possible to tell my insurance company that my car is no longer finance (even if it still is) so i can switch to a liability coverage and lower my rate. Is my insurance company going contact my finance about detail...
Update: I have the option to the the changes myself online my concern is about my financing institute knowing about the changes in insurance
Follow 13 answers
2017-03-22 03:12:02 · answer #8 · answered by ? 6 · 0⤊ 0⤋
You will have to produce a clean title proving that the loan is paid off before your insurance company will make this change, and you can't get a clean title without the loan being paid off. So you can tell them whatever you want but they won't change the policy till you can provide proof of satisfying the loan.
2007-12-26 07:46:29 · answer #9 · answered by dcgirl 7 · 2⤊ 1⤋
Get insurance quotes
2014-11-17 09:33:14 · answer #10 · answered by Anonymous · 0⤊ 0⤋