Insurance?
heavy thinker asked:
do i still have to provide insurance on a vehicle if i get a non operation permit? Im still making payments on the car so will the bank still want insurance? Can i even get a non op. on a financed car?
do i still have to provide insurance on a vehicle if i get a non operation permit? Im still making payments on the car so will the bank still want insurance? Can i even get a non op. on a financed car?
February 16th, 2010 at 9:36 pm
If you are financing a car, you have to have insurance. The finance companies check every few months and if they find you don’t have insurance, they send you a letter telling you to provide the info. If you don’t, they will then go out and get full coverage and nearly double what you can get it for.
As to how they check, they send an inquiry to the insurance company you listed. If you are still in good standing, they will let the finance company know. If you are no longer in good standing\dropped the policy, they tell the finance company that too. That is how they find out.
February 18th, 2010 at 7:39 pm
The bank will require you carry collision and comprehensive. The insurance company WILL give you comprehensive, stand alone, if the vehicle is in a locked garage, AND is registered non op. HOWEVER, they will NOT give you collision with that comp.
Bottom line, you will have to carry liability along with the collision and comp, until the car is paid off. You CAN get a non op on a financed car, but I’m not sure why you’d want to.
February 19th, 2010 at 1:28 am
Yes. Financed cars is more expensive to insure cause it requires full coverage.
Try this one - - I personally have their car insurance, cause it is the cheapest for full coverage in our area.