When to cancel car insurance?

[Gabe]

My lawyer advised that I get a cheaper vehicle with a loan on it rather than continue with my somewhat pricey leased vehicle.

I have done such and have just missed my first payment on the leased vehicle. At what point should I cancel the insurance on it? If I do it now will they come pick it up faster?

(Filing in January or February)

Thanks

[BassBoy]

Do not cancel the insurance until the vehicle has been picked up. The vehicle is still yours, for now, and you are responsible for it. I was able to cancel the collison and just keep comprehensive (theft, fire and vandalism), so check with your insurance company because they may not allow that while there is a loan on the vehicle. It can save you some money for now.

[CATCHMEIFYOUCAN]

I'm pretty sure you have to have that LEASE fully covered, you wouldn't be able to choose just "comprehensive," unless you actually own the vehicle, with no lease or lien on it! I'm with allstate, I have to have full coverage as HSBC has the lein on it. Yeah, you want to make sure that is completely out of your hands, just in case something were to happen to it, cuz you don't want to pay more than have to if its not insured. KNOCK on wood!

Catchmeifyoucan

[demismom]

I wouldn't cancel it until it's no longer in your possession.

[jbr12]

If your filing Ch 7, I don't see why you would need to carry insurance on it if you're just planning on letting it go? Regardless of the condition of the vehicle, the remaining debt would be discharged... so even if it was damaged and the value dropped considerably, it wouldn't matter in the long run... right?

However, if you're still driving it, thats a different story

On a slightly different note- I had a secured loan through Chase on a vehicle that I was 'fixing up' and Chase was fine with just Comprehensive on the vehicle.