Not where I live (Iowa). Title and loan are in my name, insurance is in girlfriends. And that’s Two diff vehicles.
If your car is financed through a dealer do you have to have utter coverage insurance?
I believe it depends on the state, but as far as I know, if you have to have total coverage on a financed car, it doesn’t matter where it’s financed. If you still have questions, ask your insurance person, they’ll know the response.
Do all financed cars in NJ need to have utter coverage insurance even if not driven?
Most finance companies would be able to response this for you. It will vary depending on the banking institution. Total coverage is a general assumption that you are covered meaning what you are “liable” for if you were sued because of negligence in addition to having Collision and Comphrehensive coverages. This means that you would have Bodily Injury Liability, Property Harm Liability and your damamges caused by you to the vehicle and by acts of GOD are covered. I personally think to have a car without utter coverage is crazy even if it just sits in the yard or garage. It has been known for cars to be stolen while in a place too long. If you did not have comphrehensive then you are stuk with a loan and no car. Also there have been instances where kids or teenagers go into other peoples yards and sit around cars and hurt themselves acting like teenagers and you can be sued for Personaly Injury. These are two examples of cars that will get little or no use yet YOU could be held LIABLE for everything that happens. Do you have the money it takes to pay off a law suit? If so then No you can very likely afford not to get Utter coverage. Otherwise you will liberate your home and cars to pay for a lawsuit. Good Luck!
Can you insure someone else’s financed car?
No. Insurance cannot be obtained on property which the policy holder has no vested interest or capability to control.
What do you do if you had no insurance on a financed car and it was stolen?
Keep making payments on a car you don’t have and learn your lesson about not letting your insurance lapse.
Why is car insurance needed?
In most civilized countries, vehicle insurance is MANDATORY, so that if you are hit by another car, that driver’s insurance company will pay for the harm to you or your car. You also have to have an insurance policy to protect others from your deeds while driving your car..
A insurance policy has coverage thresholds, that are agreed inbetween you and your insurance company. Not too many individuals have Five million dollars in their private savings account at the bank, but the insurance company does, and if needed, they will cover you for an agreed limit of up to Five million dollars, if you are sued for damages you have caused to some one else with your car..
You pay them a annual premium towards the cost of having that insurance coverage, based on your driving record, and how much your car is worth to substitute, if bruised beyond repair, and where you live.
Can you insure a car that is financed under someone else’s name?
Probably, some companies only require that you have care custody and control of the vehicle in order to be the named insured. Other companies require that you be the registered proprietor. The problem that arises is that the finance company usually wants to have the evidence of insurance be in the name of the person responsible for the loan. If you are the named insured but not the name on the loan then the loan company may require that the person on the loan also be on the insurance policy as a named insured. The best way to do this is to have the person that wields the car get the insurance and list you the driver as the principle operator.
What do you need to get car insurance?
Mostly because most states won’t give you a tag for your car without you having liability insurance on the car. if you cause a wreck the insurance pays for the harm you caused and if you don’t have enough coverage the injured party may go to court and sue you for some more money. Liability insurance does not pay for harm to your car.To get insurance you have to have a drivers license. If you get checked at a road block and have no insurance your car goes to jail and you may also.Comprehensive insurance pays for harm to your car. You have a twenty thousand dollar car and wreck it or someone else wrecks it then you get it repaired by the insurance company.
What are your options on a totaled 2005 financed car that had no insurance coverage?
You have no options! Should have got insurance.
There are none. You have the joy of paying off a car you no longer have. Best thing to do is attempt and sell it for parts.
What does the lender do when a financed car is totaled and there is no insurance?
Sue the holder of the car, since the proprietor was likely required to carry insurance as part of the financing deal.
If you finance a car for someone can they insure it in their own name?
Yes of course, they are required to insure it in their name if they are buying the vehicle by financed note. The buyer is the fresh holder of the vehicle. All drivers are required to maintain financial Responsibility when operating a vehicle on public roads. The financiers interest is typically covered also by requiring the buyer list them as a lienholder on the policy. This requirement is generally built into the finance agreement There are also separate business insurance product lines that will cover a lienholders interest in a financed vehicle. The financier attempting to insure the vehicle on a standard private auto policy is an attempt to circumvent the insurance laws and constitutes insurance fraud by failing to disclose the true nature of the the risk to the insurer. Under finance law, the buyer is the legal proprietor of the vehicle even theough the note is not paid off with certain encumbrances denoted in the finance agreement. The financier is a lienholder in due course until such time as the finance note has been sated.
When don’t you need car insurance?
If you don’t drive or don’t own a car……or have enough money to lodge any and all claims should one occur. In most (all?) states, insurance is required to register a car.
Where do you not need car insurance?
Assume you mean what state? All states have either insurance or financial responsiblity laws.
How long do I need utter insurance coverage on a financed vehicle?
In California, anyway, you need total insurance coverage on a car the entire time it is financed. After its paid off, you can drop a bunch of the coverage and just carry liability.
Do you need car insurance in Mexico?
Mexican law states that the liability portion of your insurance must be from an authorized Mexican underwriter. This means that albeit US companies say they cover you in Mexico it is only for phsyical harm to your own vehile (theft, vandalism, collision) and may only be for a limited time. Finding a respected Mexican insurance company to treat this may sound difficult, the key is that they have underwriters who will be similar to US companies when it comes to paying out a claim. Grupo Nacional Provincial, ABA Seguros (wielded by GMAC) and Genworth (possessed by General Electrified) are some of the highest rated companies in Mexico. They all boast at least an A- rating from AM Best. AM Best also rates companies in the US (A rated companies in the US include State Farm, Allstate and Progressive, etc).
Do you need total insurance when you finance a car?
Most finance companies will make you carry total insurance, at least till it’s half way paid off!
Do you need car rental insurance?
Before you rent a car, you should very first check your existing coverages and your credit card coverages..
If you have liability insurance, you are covered, but only for liability. Liability insurance basically provides private coverage for you while you are in a rental car. Your insurance company will cover any damages you cause to anyone else (property and injury) or any other vehicle, up to the minimum legal boundaries required by law or the thresholds on your policy,if different. It does not cover harm to the rental car..
If you decline LDW at the rental counter and rely on your private coverages, you very likely would be responsible for paying your usual deductible if you were in an accident with the rental car. Also, a loss-of-use fee is not normally covered by individual auto insurance policies. And, private auto policies that extend collision coverage to a rental car may only provide a coverage limit equal to the value of your own vehicle. If the value of your individual vehicle is less than that of the rental vehicle, you could still incur some harm responsibility..
Some credit cards will cover harm or theft to your rental car. The coverage and the coverage amounts will vary depending on the card issuer, so you should check cautiously to see if you would be covered adequately for the rental that you are looking to take..
You are not covered just by being a cardholder; you must use the card to rent and pay for the vehicle. Some credit card plans cover accidents only if the cardholder is driving, not the cardholder’s spouse..
Check to see if the coverage from your credit card would be considered primary or secondary. For some credit card companies, its’ coverage becomes primary only if you don’t have any private collision insurance of your own, or would only kick in after you had fatigued the boundaries of your private coverage. Most card issuers do not provide coverages for more expensive rentals, or specailty vehicles. It is necessary to call them, or check your credit card benefits package, to see which rental vehicles they cover..
The bottom line is check into everything!!If you don’t need to purchase the optional coverages at the rental counter, you will certainly save money, but only if you are truly covered.
Can you buy liability insurance on a car that you are financing or does it have to be total coverage?
Auto Finance companies typically require the buyer to purchase”Total Coverage” insurance to protect their property until you havepaid it off. Just review the finance contract you signed when you made theagreement. It will detail your coverage requirements to avoiddefault on the finance note. If you fail to conform with your agreement, the lender generally hasthe option of purchasing the coverage at an insurer of their choiceand bill you for the extra cost (with interest) of acquiringthe coverage for you.
If you do not have a car but you have a license do you need insurance?
No, not realy, if you have a car then you ned to get a insurance.
Can you insure a car you are financing for someone else in their name?
yes, it’s possible but i belive that u have to have a certain relation with them and to have their consent, not just any random person!!! attempt it by contacting insurance companies…over the net or by phone
I need to know if my car is insured?
Just call the insurance company that you paid for the insurance. They can let you know if your still covered. .
If you have not purchased insurance then obviously you are not insured.
What things do you need to finance a car?
an arm and a gam. lol A good down payment wont hurt either. Good credit for better interest rates for a loan, etc.
Can you finance a car but not be the insurance holder?
In terms of the lender, very likely not. If the car is financed, the buyer/holder has the contract with the creditor. The creditor requires collision and comprehensive coverage for THEIR vehicle which they finance. They do NOT have any relationship with any other person but the person named on the vehicle loan. An insurance policy is only issued when the ‘policyholder’ has a financial interest in the item for which they are requesting insurance. If you apply for an auto policy to cover the freshly purchased vehicle, the insurance carrier will likely deny coverage. If you do not own the car, chances are you do not garage the car at your address of record. This is sometimes acceptable, such as when a child goes off to college, with an insured auto. However, if you simply lend your vehicle to ‘John Smith’ with no specified ending time/date, this is more than occasional use and the carrier would likely deny any claim arising out of an accident John Smith may have. Additionally, the terms of an insurance policy are accepted by the buyer of the insurance, by signing and dating the policy application and likely another document upon issuance of a policy. If you have no financial interest in the insured item (a car in this case) you have no insurable interest.
Do you need insurance to license your car?
Can you give more detail? Are you asking if you need insurance to”register” your vehicle?
Do I need automobile insurance if I do not have a car?
If you don’t have a car you would have no need for auto insurance.The only case to be made is if, due to prior infractions, you arerequired to keep an active policy in order to maintain your driverslicense. In this case you can buy a non-owners auto policy.
When you finance a car do you have to have insurance on it before you drive off the lot?
Absolutely! The dealer is not supposed to let the vehicle out of the lot unless proof of insurance is shown.
What happens if the car gets stolen and its still on finance with no insurance?
Car stolen and No Insurance. Well that truly depends on what you do. As you know Failure to maintain the necessary coverage is a breach of the contract that you signed with the finance company. You were responsible for the note and you are still liable for the unpaid balance. Usually the finance company will give you the chance to pay off your debt if just you ask them. If you fail to pay off the debt then the insurer will have little option left but to sue you in court for the unpaid balance and breach of contract. They may be able to recoup their loss by way of a court judgment and any available property or salary liens.
What does the finance company do when a car is totaled and there is no collision insurance?
If the driver was uninsured or only had liability insurance, they would be liable to still pay the finance company back or face a lawsuit.
Do I need Car insurance with no car?
Please think about it. It iscarinsurance. So you wont. While the previous response is correct, if you want to be able to drive another persons car, either YOU need insurance, or the possessor of the car must have it insured for all drivers. I only say this because growing up I knew people without cars who would drive a friends car, and they had car insurance only so they could drive their friends car.
Can finance company repo your car if your insurance lapses?
You usually have to have insurance in case you have an accident. The finance company can then retrieve the debt from the insurance company. If you do not have insurance then they will have to retrieve the debt from your other assets such as your house if you have one! If they perceive that you are a bad risk they may look at getting the car back if there is enough equity in it but they will still want any outstanding dues. Better to keep up the insurance. They may not know the insurance has lapsed unless you notify them.
Car violated and needs repairs and it is financed?
car is violated and needs major repairs but is still financed how do pay for the repairs
Do you need insurance when financing a motorcycle?
Most finance companies will require comprehensive and collision coverage. If a vehicle is harm or stolen, they will want to make sure that receive compensation. Since it is that vehicle they paid all or some of the purchase price.
What do you need to get your car that was towed for no insurance?
This is very elementary. Go out there and byu an insurance policy, then go get your car. Word of advice: keep your vehicle insured at all times. It is the law, you know!
Why do you need insurance for your car?
All cars being driven on the public roads need to have at leastthird partyinsurance to be legally on the road. Third party insurance means that if, when driving your car, you have an accident that harms someone else (hit a house, kill a cow, hit another car, or injure a pedestrian) the cost of this (repairing the house, substituting the cow, mending the other car, compensating the pedestrian) will be paid for by the insurance (unless you are very rich you would not be able to meet these costs). Thus all cars must have this insurance or if you do have an accident the people you harm will not be compensated when the accident is your fault. You can voluntarily purchase a higher level of insurance which would also compensate you for your losses/injuries if you have an accident that was your fault. This iscomprehensiveinsurance. Please do not drive a car if you do not have third part insurance, apart from cracking the law, if you do harm someone then there will be no money to help them.
Do Tesco Private Finance suggest car insurance?
Yes, Tesco Private Finance does suggest car insurance. Other available insurance products include home insurance, pet insurance, life insurance, travel insurance, and medical/dental insurance. They also suggest loan products, savings products, and credit cards.
What do you need to know about financing your car?
You need to know the condition of the car, the mileage, the current rates that are going for your car, and how clean it is. You should also look at extra items added to your car.
Do you need to have insurance on a car that is not driveable?
You need to check your state law. In Georgia, any vehicle with an active tage must be insured. To cure this, if you have a vehicle that is no longer operable you take the tag off and capitulate it back to your tag office. However, if you have the tag for one day that you don’t have insurance you will be fined. I always tell my clients to give up the tag very first then take the vehicle off the insurance. I’m assuming you are talking about a vehicle that is totalled or junked and not one that just is in a shop getting worked on. In these cases keep your insurance and tag active.
Can finance company repossess car for no insurance?
Absolutely. The finance agreement that you sign when you purchase a vehicle states that you agree to carry utter coverage on the vehicle and to list them as the leinholder. By them being listed as leinholder they get notified of any cancellations, late notices, and renewals on the policy. It also gives them some special rights such as a 20 day notice before cancellation instead of Ten days. You pay for the extra Ten days notice. The finance agreement also states the maximum deductible that you can have on the policy. Recall that the finance agreement is a legal contract. if you break any part of the legal contract they have the right to repossess the collateral (the vehicle). The agreement also states that you are responsible for a repossession fee in order to get the car back. There is very likely storage fees involved as well.
Do you have to keep insurance on an unused car if its financed?
This truly has nothing to do with your insurance company and all to do with your finance company or bank. The contract you signed with them states that while still financed you agree that you will keep utter coverage on the vehicle to protect them from loss due to a bruised vehicle. If you break the contract either by not making paymenst as scheduled or not keeping the required insurance they will reposses the vehicle. If you are almost paid off I would suggest calling them and see if they will agree to waive the requirement. This usually works only with puny local banks that you have a good relationship with and have other accounts with as well.
Do you have to have insurance on a car you are financing if the car is non operational?
Most banks won’t even finance a non operational vehicle. Unless it is rather fresh, and still in nice condition. Some banks will permit you to not have insurance, if it is stored away. However some banks require you to have insurance. You’ll have to ask your loan officer.
Which insurance is needed for car boot?
You nee to be much more specific in your question here. What exactly are you referring too? Car boots like the Denver boot that are used for excess parking tickets? Boots that are used for convertible tops? What are you referring to?
Can a person get insurance on a car someone else is financing for them?
Yes i n the state of Texas there are many reasons for a separte insurance policy. The vehicle which you drive can be insured by the proprietor, ie bank or individual and the driver even when the driver is not on the title.
Do you need to get your teenage car insurance?
Anybody that is a member of your household must be listed as a driver on your insurance policy. Outside of your household, anybody that drives your vehicle more than once per month must also be disclosed to your insurer.
Can a finance company repossess your car if you have no insurance?
No, but depending on which state you live in your division of motor vehicles (or equivalent) can fine you hundreds of dollars for not having insurance.
If my car is financed and i have insurance money coming can they take the money?
There is not enough information to make that determination. You have insurance money coming from what? Are you late on your loan payments? Do you have comprehensive and collision coverage? Please provide as much information as possible.
What happens if your car gets stolen and you have no insurance and the car is on finance?
The finance company will want to be paid in utter if they find out it’s stolen. The responsibility to please the loan falls on you eyeing that you failed to maintain insurance.
Do I need rental car insurance?
I generally recommend that clients who do not have extra vehicles carry rental reimbursement insurance. For example a duo who only have two vehicles and two drivers both of who work would need a rental car is something happened to one of their cars so I recommend that they care rental coverage. .
Do you need insurance on a financed car in NJ?
You ALWAYS need insurance on a financed car, and it has to be total coverage. Doesn’t matter what state you’re in.
What is the insurance needed when renting a car?
Very first, if you have comprehensive and collision coverage on your own vehicle then check with your own insurance carrier to see if that will automatically extend to the vehicle you will be renting (as that would save you a lot of money). If it does not extend (and you have liability insurance) then you will need to get the rental company’s property harm insurance (sometimes called collision harm waiver).
Do you need car insurance when you get your license?
Only if you intend to drive it. Whenever you drive a vehicle you take on an almost undetermined level of risk. The reason you have insurance is to treat this risk when you are not financially able to treat it yourself. Whether or not your State or Territory requires you to legally have insurance in order to drive is up to your local regulations or laws. Even if you are not legally required to have insurance, unless you can cozily take the cash out of your pocket to pay for the harm you do to the other persons vehicle, house, medical expenses, or loss of life then you need insurance. You never know how much harm you could cause in an accident in terms of financial loss to the other party or how many accidents you could have in a year. Even the wealthiest people are wise enough to purchase insurance and pass on this risk to an insurance company because in order to be wealthy the person is normally intelligent enough to know they need insurance.
Do I need to insure my car if I have drivers insurance?
It is uncertain what you mean by “driver’s insurance”. There is akind of liability insurance called “non-owners coverage” that isoften required under a state’s Financial Responsibility Law when anindividual has been in an at-fault collision, did not have therequired liability coverage and when the other party’s damagesexceeded a stated amount, or when an injury occurs. It is alsosometimes required when a judgment is entered against an individualfor an auto collision and the judgment remains unsatisfied.Non-owners coverage generally will “go after the driver” irrespectiveof the vehicle that he or she is driving. Non-owners coverageprovides no coverage for the vehicle itself such as for its repairor replacement in the event of a collision.