Can I get storage insurance if my auto insurance is being canceled?
I lost my license in Michigan because of drunk driving last year. I can't afford to get it back yet. I have an auto loan, a sizable one. My auto insurance is being canceled. I want to put it in storage but the bank requires full coverage, doesn't it? Like if a tree falls on it or it gets stolen (even though my garage is locked securely). Of course, I would like to keep my car but am afraid the bank will repossess it once they find out my insurance is canceled.
Most financing companies will require you to have comprehensive and collision coverage which means you would not be able to get storage insurance. Check with your finance company to see what options you have. I also suggest getting rid of the car to avoid being in violation and potentially getting your car possessed by the bank, until you can get your license back. If you have any other questions, don't hesitate to ask.