to keep car insurance or not?

[denisejohn65]

Giving car up. 341 is July 20th. Laywer said to call and give car up within 45 days after 341. Ok....I have the car in the driveway....I'm not going to reg it...it is due to renew end of July. Not going to. Can I go a head and cancel the insurance on it now??? Since it is just sitting there....can't be driven.Please answer thank you.

[tinfoilhat]

I'd cancel it. I bet someone else can come up with (and will post) a million reasons not to.

Wasn't it you who was going to get a temp registration/tag to drop the car off?
If you're going to drop it off, insurance is way more important than registration.

[vb1962]

it's been awhile (2003) but i had to beg ford credit to come get a leased truck i was returning. i told them it was uninsured and sitting on the street in front of my house and it took a month or more form them to get it.

[denisejohn65]

well, lawyer said to surrender it 45 days after hearing....Does that mean I can just call and ask them to come get it....instead of me driving it anywhere??? I could tell them there is no insurance on it or reg??? Right??? Still unsure as to cancel insurance???

[denisejohn65]

I'd appreciate anyones advice on the insurance dropping....

[tinfoilhat]

well, lawyer said to surrender it 45 days after hearing....Does that mean I can just call and ask them to come get it....instead of me driving it anywhere??? I could tell them there is no insurance on it or reg??? Right??? Still unsure as to cancel insurance???

Heres an idea right off the top of my head.
Calculate 45 days insurance cost. =$xx.xx
Calculate having a flatbed come tow it if you need to drop it off. $yy.yy

If $xx.xx is greater than $yy.yy then cancel and have it towed in 45 days.
If $xx.xx is les than $yy.yy, keep insurance so you can get a temp tag and drive it if need be to drop it off.

[denisejohn65]

Wouldn't they just come and get it.....maybe???

[tinfoilhat]

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[tinfoilhat]

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[LuciluS]

I would drop all but collision coverage. You never know when a person might pass out for whatever reason and hit the car. You are the owner of the vehicle.

Luci

[LuciluS]

Wouldn't they just come and get it.....maybe???

Depends on who financed the vehicle. Such company maybe spending a lot of time picking up repoed vehicles.

No one on this forum will be able to tell you when your vehicle will be picked up. We had a Motorhome we stopped paying on last Sept. I spent everyday for two weeks in Nov. calling them,asking for the motorhome to be picked up as just collision coverage was $125.00. Finally accomplished and sold at auction middle of Dec. Of course, we now owe the defeciency amount which has grown to over $15,000 now.

Luci

[denisejohn65]

Lucy, it's not a repo....my lawyer said after the 341 to call lender with in 45 days to surrender the car. Whatever that means?I take it back to someone, they come and get it I don't know? There is no way someone could hit it....it's kind of in the back of the driveway and another car is usually parked in front of it.So you say to call them and just keep the collision? That would cover if we had a wreck on the way dropping it off to where ever??

[LuciluS]

Lucy, it's not a repo....my lawyer said after the 341 to call lender with in 45 days to surrender the car. Whatever that means?I take it back to someone, they come and get it I don't know? There is no way someone could hit it....it's kind of in the back of the driveway and another car is usually parked in front of it.So you say to call them and just keep the collision? That would cover if we had a wreck on the way dropping it off to where ever??

Your Attorney should be at the 341. Ask him the best way to handle the surrender...you deliver....or loan company picks up. He says let the loan company pick it up, then call them asap right after 341. You may have to call them every day before it gets picked up.

If Attorney says you deliver well collision coverage is just that..covers the vehicle. If involved in accident, collision coverage does not include medical payments...most likely your medical insurance would cover you; however, accident is your fault & involves an injured person other than yourself SOL!

Since Attorney said to wait until after 341 which is the 20th and your insurance cancels on the 31st, converting to collision coverage only, is not going to reap you much rewards. Guessing around $15.50 - $25 at the most in refund for possible 10 days.

[denisejohn65]

I think i should just keep what I have on there to be safe,huh?

[AngelinaCat]

DJ, 'Hub foolishly co-signed a note for a *friend*'s car, because at the time we had good credit and he had none. Because of the bad credit of *friend*, 'Hub's name was put at the top of the co-ownership form. *Friend* dutifully made good payments for several months, then started falling behind--you can guess the rest.

When WE started getting the deficiency notices because 'Hub's name was on top, we told *friend* in no uncertain terms that we were taking the vehicle--had never driven it; didn't even like it--and were surrendering it.

*Friend* was also living in a cottage on our property because "he was down and out, and we were trying to help". So getting hold of the car was not hard to do.

We made an appointment with the mortgage holder to get a roll-back and pick the thing up. We had it washed, though not detailed, and photographed inside and outside and made notes of its condition. The roll-back came, picked it up, signed our document, and that was that.

Of course the mortgage holder sold it at auction for $6,000.00, while the note *friend* had worked out, showed him and us owing $19K on this thing. We were sued for the difference. We were filing BK anyway--this being just one more reason.

Shortly after that, *friend* was kicked off the property, and told where and how he could do a 'physical impossibility' with himself. He now has a judgment against him for $13K.

The insurance was dropped immediately upon the roll-back operator picking it up.

Good luck to you~~