Am I required to have auto insurance if I dont drive the car?

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  • Am I required to have auto insurance if I dont drive the car?


Answer #1 | 23/12 2013 04:54
You do. The loan agreement will require comprehensive insurance to cover damage and theft even if it's in storage.
Positive: 32 %
Answer #2 | 23/12 2013 04:56
By law you'll be required to have liability coverage. But in your case be better to discuss with your agent for the best coverage. It's differ from one State to another..
Positive: 26 %
Answer #3 | 23/12 2013 05:24
Since it is financed, yes, since that is a part of the loan agreement you signed. Even in storage things can happen, if the building happened to catch fire, or flood, for example.
Positive: 6 %
Answer #4 | 23/12 2013 05:45
Yes and no. The lender will require collision and comprehensive coverage and ..... I F.... the car is on the roads or driven on the roads, your US state will require liability coverage. If it is not on the roads, you don't have to have the liability coverage. But why not ask your lender what they require? Don't you agree that they have the last and final word as far as insuring "their" vehicle?
Positive: 10 %
Answer #5 | 23/12 2013 05:54
If the car is financed, it is most likely in your agreement to keep insurance. If you don't, the lien holder can purchase insurance and add it to the note. Even in storage, things can happen like fires and theft. The insurance will help you there. If I may, if you are looking at a long period, over a month or two, might check into selling and getting out of the note. This will mean no storage or insurance payments and no need to pay to recondition the car for use later. It is only a car, easily replaced later.
Positive: 10 %
Answer #6 | 23/12 2013 06:00
Fire, theft, floods, some one crashing into the storage, etc. all need insurance to protect the lender's money. Not your car. Not yet. Yes, you need insurance and because you do not drive it it will be very reasonable. Have you spoken at all with an insurance person? Oh, you do not live in "washington" state. You live in the state of Washington. Proper names MUST be capitalized. Please do so.
Positive: 10 %
Answer #7 | 23/12 2013 06:11
Yes, you agreed to maintain a specific level of insurance coverage when you borrowed the lender's money.
Positive: 10 %
Answer #8 | 23/12 2013 06:47
I would say no, as long as its secure why would you need it
Positive: 10 %
Answer #9 | 23/12 2013 10:37
Read the terms for your loan contract. It may or may not specify that full insurance must be maintained through the loan period. Bet it does.
Positive: 10 %
Answer #10 | 23/12 2013 16:21
Yes and I bet you really aren't allowed to have it in storage, either. Leave the car accessible to the repo man if you don't maintain insurance or make the payments each month. It will cost you less that way.
Positive: 10 %

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