Coverage & Claims

Will gap insurance pay out if I buy the salvaged vehicle from the insurance company?

Your gap coverage should still cover the $2,000 owed on the loan regardless of what happens after that. I would definitely check directly with your insurance company to make sure there is no stipulation that prevents this if you choose to buy back the salvage title. If you have any questions, feel free to ask.

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General Insurance

Can force-placed car insurance be removed on a car that does not work?

Most loan terms require that the financed vehicle must carry the comp and collision coverage. Even if the vehicle is broken-down and non-functioning, you still have to follow the stipulations set by your lienholder.

General Insurance

Can force-placed auto insurance be removed/refunded from a loan? If so, to what extent?

Yes, you should be reimbursed if you were actively insured during that time. I would call the carrier you had and make sure the lien info is listed correctly, and then obtain all declarations and a letter of experience.

Coverage & Claims

Can someone else register and insure a vehicle I finance?

If you are financing a vehicle you need to have it registered in your name. You can put the insurance in someone else's name but you would need to be listed on the policy.

Coverage & Claims

Is it ever possible to buy retroactive car insurance?

Unfortunately, if you did not have collision coverage on the vehicle at the time of the accident, your damages will not be covered. Insurance cannot be backdated.

General Insurance

Will my insurance change after I pay off the loan?

The financial status of your vehicle does not impact your rates. If you decreased the coverage to liability only then you would see a significant decrease in your rates.

General Insurance

How can my insurance company check for a lien if I'm in another state?

Your insurance company would not verify a lien. The insurance company would need to add a lienholder to the policy.

General Insurance

Can I take insurance off a vehicle that is financed?

In most cases, if you owe money on a car you have to have insurance on it. This is the case even if the car is parked.

Eligibility

Can I purchase my own Credit property insurance to cover a vehicle loan?

To get credit property insurance on your loan you would contact your finance company. They would be able to help you find a company that will provide that services.

General Insurance

What should I do with my car insurance after I pay off my car loan?

Congratulations! Paying off your car is a huge accomplishment; way to go! 1. Yes, let your car insurance company know: It is a good idea to notify your car insurance company of the loan payoff so that you can remove the lien holder from your policy.

Eligibility

Can my son insure a vehicle registered and with a loan in my name

The tricky aspect about this has to do with the loan and registration. Because the vehicle has a loan in your name, you will most likely be violating your loan contract by not having the insurance policy written for you.
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