Auto Insurance on Repo'd Vehicle

[BkinTX]

We were discharged last week. Called today to let USAA know they could pick up the vehicle. The repo man just drove off with it about 5 minutes ago.

My first instinct was to call USAA and cancel the insurance on the vehicle (we have other vehicles that will still be on the policy). Then I thought I better run this by people who've been there first.

Is it too soon to cancel? Do I need to wait a couple days? We're about to get dinged with a substantial auto insurance charge in part due to having 3 full coverage vehicle policies. If I call very soon I can end up with a more reasonable payment starting with the upcoming payment, so I want to call as soon as it's prudent to do so.

Can I call right now to cancel or should I wait?

Thanks!

[BkinTX]

Anyone? Safe to cancel now? Wait?

AHHHHHH....

[destitute]

It's my understanding that once the vehicle has been repo'd you are safe to cancel insurance.

[BkinTX]

Thanks for the input! I am so anxious to cancel but equally anxious about exposing ourselves to liability by canceling too soon...

[whipster1]

Not in your possession = Cancel.

[kenshirley]

Cancel.
It will be effective the close of business today.

[Nicollette]

When I surrendered a vehicle that was included in my plan, my attorney had told me once its picked up, I'm no longer responsible for it, so if its already gone, cancel it.

[BkinTX]

Canceled it this evening. Thanks everyone!!

[jribe]

there are always "what if's" in life. I cancelled insurance on 2 cars before they were repoed (garaged and not driven) and had no problems.

If something happens to the vehicle in transit- that's not your fault. What would they say; you were driving? lol

Anything that happens while in possession of the repo company is under their liability.

Drop the insurance and get your money back.

Good luck

We were discharged last week. Called today to let USAA know they could pick up the vehicle. The repo man just drove off with it about 5 minutes ago.

My first instinct was to call USAA and cancel the insurance on the vehicle (we have other vehicles that will still be on the policy). Then I thought I better run this by people who've been there first.

Is it too soon to cancel? Do I need to wait a couple days? We're about to get dinged with a substantial auto insurance charge in part due to having 3 full coverage vehicle policies. If I call very soon I can end up with a more reasonable payment starting with the upcoming payment, so I want to call as soon as it's prudent to do so.

Can I call right now to cancel or should I wait?

Thanks!

[lovebirds]

What would happen if you don't have insurance?

My husband's car is completely totalled and he did not have insurance on it at the time of the accident (his direct deposit did not go through and he did not save his confirmation number). Someone hit him going 40 mph while he was sitting at a red light. His policy had lapsed and they did not give us any notice at our home(turns out they sent the notice and the DMV notice to his mother's home). After the accident, we added him to my insurance policy and continued to carry insurance until my husband was laid off. We turned in the plates to the DMV at that time.

Due to his car having lapsed insurance, we lost $20k of our personal injury claim ($10k property, $10k medical).

Now that the car is completely totalled and we can't even afford the payments since husband is severely injured, we will be giving it up in our bankruptcy. Can anything happen to us legally after the bankruptcy?