When to take surrendered car off of insurance?

[yang0837]

I bought a new car on Friday and left my old car that I am planning to surrender at the dealership. I plan to call the bank on Monday and let them know that they can pick it up from there. When should I take the car off of my insurance?

[Nicollette]

I'm in a Ch 13, and since my filing, I surrendered a car that was included in my plan, and had the BK court approval to finance a newer vehicle. The paralegal at my attorney's office had told me that I could drop the insurance on the surrendered car, once it was out of my hands. I left that surrendered car at the dealership where I purchased my newer car, and told the bank where it was so they could come get it. To be on the safe side, if I were in your shoes, I'd keep the insurance on it until you've contacted the bank to let them know where it is located, and to come get it.

[yang0837]

Thank you Nicollette. I am calling the bank tomorrow, will probably take off insurance on Tuesday then.