if you finance a car in nh, can i cancel my car insurance?

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  • if you finance a car in nh, can i cancel my car insurance?


Answer #1 | 22/12 2013 14:40
Never mind the "someone told me..." stuff. You need to enquire at wherever you register your car (obtain tags/license plates/whatever). I think you will find that is a State law. Losing your car would be the least of your worries; if you are involved in a collision, you are liable for all damages if you are found negligent or of causing the collision. In the case of someone going to the hospital, you would be liable for all medical costs, attorney fees, etc. In short, even though insurance is way to expensive for what they provide, it is much cheaper than what you could be liable for.
Answer #2 | 22/12 2013 15:19
Driving around without insurance coverage sounds stupid. I'll be sure to stay away from New Hampshire. However, it would be rather stupid for the entire state to not require drivers to have insurance, so call the local department of motor vehicles and get the real answer.
Answer #3 | 22/12 2013 14:55
If >I< finance a car in New Hampshire, can >you< cancel your car insurance? Sure. I don't mind. But if you're doing the financing of your own car, check with an insurance agent in New Hampshire.
Answer #4 | 22/12 2013 16:40
What I think the person meant was that the state of NH doesn't require you to have insurance (unlike most other states, which require everyone to have insurance, even if they don't finance their car.) If you finance a car, anywhere, then the finance company will require you to have insurance. Also, if you don't have insurance, then you aren't allowed to drive in most states.
Answer #5 | 22/12 2013 16:52
True - the state of NH does NOT require car insurance. Also true - if you have a loan on your car, the lender DOES require car insurance. IF you cancel your car insurance on a car with a loan, then the lender will "force place" coverage at about five times the regular rate, and add that to your loan. If you don't pay it, it gets repossessed.
Answer #6 | 23/12 2013 07:04
If the car has a lien, you are required to satisfy the terms of that contract. So, you are going to be required to have full coverage on the vehicle, regardless of state laws.
Answer #7 | 22/12 2013 17:35
driving without car insurance is kinda like storing gasoline next to your gas-fired water heater. Nothing good is going to come of either of those.

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