Car Insurance

[123ABC]

I posted this in Ch7 but I just saw this. I have a 04 Explorer that I did NOT reaffirm. The CU has been refusing the payments since I filed BK in August. They sent a repo man out here last week but I sent him away because I needed to get another car first. I have now purchased my new car and left the explorer in the driveway with the keys in it. I have removed the plates because when my 30 day tag expires I will just transfer them.

Can I cancel the insurance on this thing? Since I didnt reaffirm am I responsible? I dont want to pay to insure two cars... one of which Im not driving.

[BK2008]

until the lender takes the vehicle and transfers it out of your name, you would do well to keep it insured for the required liability/collision as per your original agreement. If something happens to the vehicle, you will be on the hook for it.


You might raise your deductibles to the highest available, and maybe drop the comprehensive to get your bill down.


And take the keys out of it, if someone steals it, what then? The repo guys don't need keys to get your vehicle. They've got all kinds of tricks to do what they need to do.

[123ABC]

until the lender takes the vehicle and transfers it out of your name, you would do well to keep it insured for the required liability/collision as per your original agreement. If something happens to the vehicle, you will be on the hook for it.


You might raise your deductibles to the highest available, and maybe drop the comprehensive to get your bill down.


And take the keys out of it, if someone steals it, what then? The repo guys don't need keys to get your vehicle. They've got all kinds of tricks to do what they need to do.

Thanks. I guess I will keep the insurance till they come get it. Oh and I live in the country. Not worried about it getting stolen.

[lovebirds]

If something happens to the vehicle, you will be on the hook for it.

Wouldn't filing bankruptcy cover "the hook" anyway?

[dscurlock]

Wouldn't filing bankruptcy cover "the hook" anyway?

why take a chance? whats a few extra $$ to make sure
it is safely on the lot of the repo man...

in case they want to pull any future crap..you may want
to take pictures of the vehicle up and down...just to
be on the safe side....

[GotNoMoney]

Why don't you just return it to the lender? Or call them and tell them where you hid the keys. Yes It really helps to have the keys for this vehicle it has PATS on it and the key you have is the only one that will start it. The cost of a new key and the extra towing etc just put on what you owe. Buy not throwing the key in can add almost $250 to the repo bill.

So you call the lender and say vehicle is here, they keys are on top of the passenger rear tire or stuffed under the rear bumper, in the gas filler area etc. But set a date for them to come get it.

Keep it insured until they have it in their possession or you are liable for it. Also depending on your state make sure after they pick it up to file a sellers report of sale showing you "sold" it to the lender to release you from any liability.

Yes without insurance you can just like it on your BK if anything happens, but you should only be insuring for a few days anyways and if something happens and your not insured it could hold up your BK till the claim is resloved.

On the insurance it is really not worth the few $$ savings to make any changes right now. There is no reason why you can't have the vehicle picked up within a few day or drop it off.

I posted this in Ch7 but I just saw this. I have a 04 Explorer that I did NOT reaffirm. The CU has been refusing the payments since I filed BK in August. They sent a repo man out here last week but I sent him away because I needed to get another car first. I have now purchased my new car and left the explorer in the driveway with the keys in it. I have removed the plates because when my 30 day tag expires I will just transfer them.

Can I cancel the insurance on this thing? Since I didnt reaffirm am I responsible? I dont want to pay to insure two cars... one of which Im not driving.