after repo, when can I cancel insurance?

[hopefulbk]

Right away or when I turn in the tags? Or do I wait until the bank gets ownership? I have NOT filed bk yet.

[AngelinaCat]

When your vehicle is repossessed, or if you voluntarily surrender it, get a SIGNED AND DATED receipt from the person picking it up. Your liability for it is then gone, and you can cancel insurance at any time you wish after that.

[aces67]

When your vehicle is repossessed, or if you voluntarily surrender it, get a SIGNED AND DATED receipt from the person picking it up. Your liability for it is then gone, and you can cancel insurance at any time you wish after that.

What if you can't get something in writing from them? The wrecker company called today and said they'd come pick up dh's truck at 3 pm tomorrow. I want it gone but there's no way I can meet them. They are picking it up from my mom's and she won't be there either.

[hopefulbk]

I didn't get anything in writing either because it happened so fast and I was in shock more than anything. I did call the bank and it is in their records that it was repo'd yesterday.

[ela805]

I'm definitely not advising this but I kept my insurance b/c I was afraid I'd have a hard time getting insurance on another car. So I kept it and then when I got another car-3 months later- I transferred the insurance to the new-used car and cancelled it on the old-repoed car. I just didn't want to deal with trying to get insurance and then ending up with some second chance insurer or high rate due to the bk. I don't even know if that would have happened, but I didn't want to chance it.

[pookieny]

You can cancel your insurance after you turn in your plates to the DMV.

[jribe]

Right away or when I turn in the tags? Or do I wait until the bank gets ownership? I have NOT filed bk yet.

i cancelled my insurance as soon as they took it. Even the repo person said to.. It's not your responsibility after that- and besides; you're filing for BK anyway. If something does happen to it, it's not like you'll be paying

[bkmaggster]

You can cancel your insurance after you turn in your plates to the DMV.

I believe this depends on your state, I've never lived in a state where you "turn in" your plates.

[lookingforward]

I cancelled my insurance right after the sheriff's department took possession of my vehicle. I forgot to take the plates though, and had to pay a fine to the DMV after that. Don't let them leave with the plates.

[pookieny]

Yes, in NY you do have to surrender your plates:

>NYS law requires you to surrender your vehicle plates to the NYSDMV before there is a lapse in your liability insurance. If you do not surrender your vehicle plates, the DMV will suspend your registration and driver license. See the information about insurance.

[Bell30656]

I don't know about New York but in Georgia if your car is repoed, you don't have the plates to turn in. So what you can do is go to your local tag office and they have a simple form you sign. It gives options of why the plates can't be turned in; Repossessed, Vehicle Destroyed, Vehicle Stolen, etc.

Then the tag office will cancel the plate.

Before I canceled my insurance on a repossessed vehicle I'd check with the tag office to be certain that you won't lose your driver's license. Some states, Georgia begin one of them will cancel you driver's license if your insurance lapses on a plated vehicle for more than a certain number of days.

[RackingJ]

I'm definitely not advising this but I kept my insurance b/c I was afraid I'd have a hard time getting insurance on another car. So I kept it and then when I got another car-3 months later- I transferred the insurance to the new-used car and cancelled it on the old-repoed car. I just didn't want to deal with trying to get insurance and then ending up with some second chance insurer or high rate due to the bk. I don't even know if that would have happened, but I didn't want to chance it.

This is what I plan on doing when I surrender our vehicle.

[Clover329]

I received my discharge paper on Thursday. This morning when I woke up, my car was gone. I let it go in bk, but I didn't think the bank would be so quick, as I was planning on calling them today to set up a time for me to drop the car off.

The car had 2 plates on it, but I have a 3rd plate currently in my possession. Should I go to the DMV tomorrow when they open to fill out that form and turn in the plate that I have? The repo happened while I was sleeping so I was not able to get the plates off or any documentation about it being repo'd.

I called the bank, they told me to call the repo company. The repo company told me to call the bank. WTF. I called the insurance company and they said in CT I can cancel my policy at any time and that will start a 10 day period with the DMV to return the plates.

Any advice on how to handle this now?

[tinfoilhat]

Everyone else can do what they want.
Personally I cancel insurance when I no longer need it, such as when a vehicle no longer belongs to me, or when the title owner sends someone to pick it up. Or when I simply don't want to pay it anymore.

Then I refer to my states motor vehicle office on the rest, they enforce the rules.

Heres some food for thought. Whats your deductable? $500 or $1000?
Say the repo guy does $900 of damage, someone is going to ask you to pay that whether you keep insurance on it or not. If a repo guy does more damage than that then clearly you need to take legal action. It's very very rare for a repo company to actually do damage and come to you for it.
Theres a big difference in accident damage and tow rig damage, and storage lot damage.

And if you're pissed off and vandalize it before the repo takes place, they take pics on your property. You know with your house in the background etc. They do this if theres any amount of damage on the vehicle before the repo.

I see a ton of paranoia here lately.

[LuciluS]

I received my discharge paper on Thursday. This morning when I woke up, my car was gone. I let it go in bk, but I didn't think the bank would be so quick, as I was planning on calling them today to set up a time for me to drop the car off.

The car had 2 plates on it, but I have a 3rd plate currently in my possession. Should I go to the DMV tomorrow when they open to fill out that form and turn in the plate that I have? The repo happened while I was sleeping so I was not able to get the plates off or any documentation about it being repo'd.

I called the bank, they told me to call the repo company. The repo company told me to call the bank. WTF. I called the insurance company and they said in CT I can cancel my policy at any time and that will start a 10 day period with the DMV to return the plates.

Any advice on how to handle this now?

3 plates for 1 vehicle? cornfused LOL! Hope the plate you have in posession is the most current. I would be heading to the DMV with that plate & see if they will accept that one. If not, call the repo company & ask them to take the plates off & leave them in their office & give them a date (earlier, the better) you will pick them up.

So glad Arkansas doesn't require you to turn in vehicle plates.

Luci
P S Take your discharge papers with you to both the DMV & repo co.