What happens if you're paying on a car note, but do not have car insurance anymore?

Will the Finance company take your car?

What happens if you%26#039;re paying on a car note, but do not have car insurance anymore?

Cwboy Bil is correct, but he should have added that %26#039;venders single interest%26#039; insurance does not cover Bodily Injury/Property Damage. You, as the registered owner would be responable for any and all damage to Persons and or Property arisineg from an accident. Also, you would be cited for not having insurance at the time of the accident.

What happens if you%26#039;re paying on a car note, but do not have car insurance anymore?

YES! If your contract states that you MUST keep full coverage insrance, even dropping down to liability will allow them to REPO your car due to breech of contract.

What happens if you%26#039;re paying on a car note, but do not have car insurance anymore?

Since the finance company owns your car, once they find out that you don%26#039;t have insurance on it they will obtain insurance themselves. The kicker is, they aren%26#039;t gonna look for the best deal and they are gonna charge you.

So, the lesson here is: get insurance yourself.

btw, don%26#039;t get in a wreck while the car in uninsured. you%26#039;ll be in a world of financial hurt.

What happens if you%26#039;re paying on a car note, but do not have car insurance anymore?

they can demand payment in full due to a breach of contract . besides if you have a accident you will have to pay the loan off - that is why they want you to have a insurance policy -to protect them not you!!

What happens if you%26#039;re paying on a car note, but do not have car insurance anymore?

First the bank will start adding insurance to your loan and your payment will go up to match that insurance amount. Believe me it is real high.

Go get that insurance on the car it will be well worth it.

If the car gets stolen you will still be paying off a car you no longer have.

If you get into an accident you the cost will be well worth the money you spend on that insurance.

What happens if you%26#039;re paying on a car note, but do not have car insurance anymore?

Most companies will place a %26#039;vendors single interest%26#039; policy on your vehicle and charge the preimums to you in the form of higher monthly car payments. This only covers the car itself in case it burns or is in a crash. If not, then they will just repo the vehicle, auction it off and sue you for the difference of what it sells for and what you owe.

Much cheaper to simply keep insurance...

What happens if you%26#039;re paying on a car note, but do not have car insurance anymore?

The answer lies in your contract. It is unlikely they will take your car, because then they stop making money on your payments, but they prob. DO have that option.

More likely they are allowed, under the contract, to place the insurance FOR you and then add it to your payment.

The problem is that the insurance will only cover the cost of the loan.. not any accident. AND.. it will cost you an arm and a leg.. (definately more then if you bought it yourself).

Add to that the potential risk you are taking to yourself and others by not having ANY insurance, and the question does not become what they will do, but why don%26#039;t you.

One accident and you will be paying someone else%26#039;s bill for a looooong time.

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What happens if you%26#039;re paying on a car note, but do not have car insurance anymore?

Got hit by an uninsured motorist TWICE, first one= my georgous 84 Monte Carlo SS---- TOTALED, my loss, guy could not afford insurance, and had NOTHING to sue him for, he walked away with a FINE totalling $450.00! Second time= car totaled + wife and granddaughter in Hospital three days, at our expense! Again, the other driver walked away with a $450.00 fine. Moral to the story, lowlifes who do NOT carry insurance walk away pretty much scott-free, we, the insured, pay the price! Hate folks that think all I have to do with my retirement funds is PAY for vehicles THEY wreck! Rather selfish of them, I think.