Originally posted by pookieny
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after repo, when can I cancel insurance?
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Originally posted by hopefulbk View PostRight away or when I turn in the tags? Or do I wait until the bank gets ownership? I have NOT filed bk yet.
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You can cancel your insurance after you turn in your plates to the DMV.
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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.
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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.
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Originally posted by AngelinaCat View PostWhen 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.
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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.
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after repo, when can I cancel insurance?
Right away or when I turn in the tags? Or do I wait until the bank gets ownership? I have NOT filed bk yet.Tags: None
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