I have a question regarding my car that I am giving up and insurance. I have found a car that I am paying cash for. My question is....Do I have to keep paying insurance on the car that I am giving up as long as I am not driving it or do I have to keep it insured until the bank comes and gets it? It just doesn't make sense to keep paying insurance on it if it is just going to be sitting in my driveway. If that is the way it is then so be it but I figured I would ask. Thanks!
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Chapter 7 filed - 6/12/09
341 Meeting - 7/21/09
Case Closed - 10/13/09
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I believe that depends on your state. In NY you can drop insurance as long as the plates have been turned in an the car is parked on your property. However I don't think the insurance company will remove the car from your policy without the lien being released.Filed 10/8/09
341 11/2/09
Last Day For Objections 1/4/10
Discharged 1/5/10 -
My attorney had told me, as long as I wasn't driving the car, I could keep just the comprehensive coverage on it, which would cover, theft, and vandalism.Filed: 5/22/07; 341 Hearing: 6/27/07;
Confirmed: 8/13/07; DISCHARGED 4/17/2012
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