Are You Responsible For Maintaining Your Auto Insurance After Your Car Has Been Repossessed?
Once the car has been repossessed, you no longer have an insurable interest in the vehicle. Drop your insurance coverage. The finance company will sell the vehicle at auction and you will be responsible for the difference in the amount you owe less the sell amount. You will also be responsible for the repo charge & auction charge.
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February 20th, 2010 at 2:31 pm
I would say no.
February 20th, 2010 at 4:23 pm
Probably a good idea until the title has changed hands. If it’s stolen or damaged, you may get stuck for additional charges.
Advise your agent and see what he suggests
February 20th, 2010 at 5:25 pm
No, that is silly. Why would you pay for something you don’t have?