car was repoed nov 97 and no word from the loan company should i drop coverage or continue until the car is auctioned and i get the bill?
sorry repowas nov 9 2007 not 97 oops
Originally posted 2009-06-07 03:44:35.
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{ 4 comments… read them below or add one }
Until title is transferred you can still be held responsible (keep the insurance)
Unless the car is specifically no longer in your name on the car title, there is ALWAYS the possibility of the car commiting a crime which could come back to you as the legal owner of the vehicle.
As the legal owner of any vehicle, you assume the legal repsonsibility of the car’s action and any damages it causes to person or property. However, since the bank or car dealership took back the vehicle, it should have changed title ownership. The best way to determine that is to contact your DMV office for tags, licensure, and registration and give them the VIN# and they can tell you how the title ownership is read.
If it is still in your name, then they need to be notified it is no longer in your physical possession and proof of reposession in the form of the letter provided you by the entity that took it should be sufficient to show legal disinterest with the vehicle.
Now, in the point of view of insurance, having no coverage for more than 30 days whether you own or do not own a vehicle can be costly for at least 6 months up to a year when you decide to get replacement insurance because you are driving again. Unless you know for a fact you will not be driving anytime within the year, then do not let the policy go. However, you can suspend degrees of coverage on the car with some companies which reduces the amount you are paying out until you are ready to activate at a full coverage with a new vehicle.
There are some companies that allow you as a driver without a car to get Non Owners auto coverage only which covers you for driving other people’s cars and would still allow you proof of continuous coverage. It has been a while since I sold such coverage and represented the company, but Progressive and Nationwide used to have that type of policy.
good luck!
November 97 was over ten years ago. If they were going to auction the car, they would have already. Check with the DMV as to who currently has the title to the car. If it has been retitled as someone else’s vehicle, you can drop the insurance. If the DMV says you still own it, keep the insurance, but demand the company either return the vehicle, sell it, or retitle it as their property. Ten years is long enough.
IF this happened ten years ago, the car has already been auctioned off.
Even if it was last week, I’d cancel that policy.