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If I have my car in storage will I still need to have collision insurance if I have a bank loan on i

Author : Lynn

Submitted : 2018-01-09 12:20:25    Popularity:     

Tags: collision  storage  car  loan  bank  

Not if it is in Storage. You can get Storage insurance.(much cheaper)But with storage insurance, the car CANNOT be driven on the public roads. You have to swa

Answers:

Not if it is in Storage. You can get Storage insurance.(much cheaper)But with storage insurance, the car CANNOT be driven on the public roads. You have to swap over to Collision Insurance to drive it.
Storage means less chance of getting into a collision.
Just some STUFF I learned when my car was off the road, for a year.

Yep.

You *might* be able to work out a deal with the insurance company if it's going to be stored.

Also - make sure to take the necessary steps to properly store the vehicle.

The lender will require insurance coverage (collision and comprehensive) until the loan is paid off. Check with your insurance company, they may offer you a plan where you technically have collision coverage, but you are not driving the vehicle. This may save you most of the premium costs

Yes. It is a requirement of the loan. However, you may be able to get the insurance for less money than normal.

You signed a contract that says you WILL keep "full coverage" insurance on your car for as long as you are making payments to the bank. If you want to put your car in storage and not drive it, you'll have to talk to your bank about changing the terms of your contract.

yes

Probably not, but you're asking in the wrong place. Only your lender can answer that question.

You got a lot of answers from a lot of amateurs, people who think there is some law that says a financed vehicle must carry 'full' coverage, and those people are dead wrong. The full coverage thing is a written condition in the loan contract, and it's a condition both parties agree to when the contract is signed. But the contract is solely between you and your lender, and it can be amended if both parties agree.

The lender includes that condition because your vehicle is being used to secure the loan (lower interest rate), and they need to protect their investment. If the vehicle isn't used as security (ie: you used your house or your Van Gogh collection as collateral), the lender won't care about your auto policy.

I've had two financed vehicles through my bank, and they had no problem when I asked if I could remove all the coverage except Comprehensive for a few months. But I was a good customer, made all my payments on time and kept my coverage valid and all that, so my bank was fine with it.

That's how it works with any bilateral (two party) legal contract. The terms and conditions can be changed after it's signed, but only if both parties agree to the change in writing. If you've been a good customer, your bank should have no problem with your intentions.

But you have to talk to your lender, nobody else matters. A personal loan is a bilateral contract, and nobody here is a concerned bi.

I doubt that anyone on yahoo would know what your bank requires as far as coverage on a car in storage. At minimum I would guess comp. Your bank would know for sure. There's a phone number on your account.

As long as you have a loan on the car, you will be required to have full insurance.

Yes, As long as you are making payments you have to have full coverage on it.



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