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Old 07-16-2009, 07:45 PM   #1  
y2kStangGT
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Default insurance question??

I currently have full coverage on my gt. I am still making payment on it. I just found out that my premium went up from 748 to 1494 for 6 months. If I cancel my policy on my gt will the bank repo the car? If I park the car in the gargage and still make monthly payment will the bank repo the car because I don't have insurance?

Thanks,
TNN
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Old 07-16-2009, 07:52 PM   #2  
WannaBeGearHead
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Sounds like you need to sell it. $249 a month is WAY to much! Making payments on a car your not going to drive or driving it without insurance seems like a bad idea.
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Old 07-16-2009, 07:54 PM   #3  
ToddZilla
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Default Holy cow!

Did you have an accident or multiple tickets or something?

It's been awhile since I had a loan on a car, but I don't think there was any sort of automatic link between the insurance company and the bank. Banks have bigger fish to fry (especially at the moment) than tracking down everyone without insurance. As long as you keep paying your loan (and don't wreck the car) they probably won't notice.

Of course, I'm not in banking, insurance, or an attorney, so take my opinion with a grain of salt. Overall, I agree with the previous post--it's a bad idea to drive without insurance.
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Old 07-16-2009, 07:59 PM   #4  
y2kStangGT
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a cop pulled me over for stop sign. I stopped briefly and pulled away but he said I failed to stop. Plus I hit the curb trying to avoid a deer last month. Bent the front driver rim and control arm. claimed thru insurance.
it's a 2000 with 5 sp and 79k miles on it. how much can i get for it?
thanks..

Last edited by y2kStangGT; 07-16-2009 at 08:19 PM.
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Old 07-16-2009, 09:53 PM   #5  
01GT4.6
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they shouldn't repo your car as long as you are paying the car note. I'm not sure about your state but in Louisiana you can drop the insurance as long as you turn in the license plate.

Try raising the deductibles, insuring it as a secondary vehicle (assuming you have another), or maximizing your discounts (alarm, defensive driving, affinity discounts such as college graduate, credit union,magazine subscriptions), having homeowners and car ins with the same company, some companies offer a discount if you have a life insurance policy with them....

Last edited by 01GT4.6; 07-16-2009 at 09:56 PM.
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Old 07-17-2009, 06:37 AM   #6  
H0SS302
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If you financed your car there is a clause in your contract stating you MUST carry full coverage or they will make you get full coverage somehow. I doubt they will take the car.

A buddy of mine had a mix up with the insurance comp and his bank; the bank actually took him out an insurance policy through someone else and it was like 100 bucks cheaper than his old policy lol. I didnt know banks could do that but apparently they can.
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Old 07-17-2009, 10:00 AM   #7  
CAMDUP
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they CANT re-po your car over insurance, but DMV will cancel your tags/registration as soon as you drop your ins.....so if you want to keep the car , you CAN park it ,turn the tags in , and keep making your car payments
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Old 07-17-2009, 10:31 AM   #8  
ChalknCover
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If you cut the insurance but don't turn in the tags, DMV will get you, not the bank. As long as you are paying your car note, the bank should be happy. They probably could care less what you do with it as long as they are getting theirs.
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Old 07-17-2009, 11:15 AM   #9  
03BottleFedGT
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good lord thats high. i pay 620 a every 6 months for full on my 03, liabiltiy, on the 68, and full on my 09 cbr 1000rr. i would call the company and see why it raised then look into another company.

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Old 07-17-2009, 12:30 PM   #10  
04CompetitionOrange
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Either way, if you don't have a secondary vehicle, you are screwed. You either have to fork over money for the insurance on the mustang or money for a second vehicle and then insurance on that.

Call up your insurance agent and see if there is anything they can do to drop the cost of you policy a little bit.

NOT insuring a vehicle that does not FULLY belong to you is a BAD idea.
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