What if i stop paying my insurance when i have a car loan?

Answers:3   |   LastUpdateAt:2012-09-03 03:30:03  

Question
:(plz help
Asked at 2012-08-13 09:46:03
I am leasing a new car , been paying for 3 years and this month I could not afford the insurance , so I stopped driving and started cycling. and the insurance was canceled as 2 weeks and my registration was suspended (you reinstalled, but could not get my registration online) and says he has to fill out a form and pay 50.00 SR22 and maintain insurance for 3 years! what 's up with that ? beyond that , I completely forgot when I got my car, I was told to keep insurance on my car all the time, but I was not using! so I'm really scared and I have to know what happens after making the SR22 form ( unless you know how to get around this) and pay off my loan. Why do I have to have insurance on it. oh, I do not know if this is important , but I have the coverage gap. to report my car bec i did not have insurance for 2 weeks? ? please help, does not mean that the answers that terrifies me. Thank you.
Answer1AshleighAnswered at 2012-08-16 13:11:32
review the terms of your loan. most if not all cars Notes require that you have sufficient insurance coverage and registered with the office while they have a lien on it. technically you can retrieve the car, as they are not complying with the terms of the loan agreement . they need to ensure that the hat if you add car drunk , his lien is served. if not sufficiently secured, the creditor gets nothing. but still can sue for the balance.
Answer2lollyAnswered at 2012-08-18 06:36:02
There is no way to avoid the SR22 is a device for monitoring the BMV used to make sure you pay your insurance each month. The moment you do not pay your license will be suspended and have to start the process all over . And if you do not maintain insurance on the vehicle they might recover.


EDIT : The person below me, an SR22 is not for people with a lot of points on your record, is for people caught driving without insurance is illegal. The SR22 is a tracking device used to ensure that the person pay your bill each month , you have no idea what you're talking about.
Answer3ROzinaAnswered at 2012-09-03 03:30:03
In short . You do not own the car to have insurance coverage on it . Gap insurance would not be a bad idea, because if the car is totaled , for some reason , the normal insurance will only pay what the car is worth , not what you owe on it .
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