Can I cancel car insurance if credit union holds lien?
Find answers to your legal question.
Can I cancel car insurance if credit union holds lien?
 
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charchar
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Yes, you can cancel and this is what will happen. The insurance company will notify the credit union of the cancellation. The credit union will contact you and if you can not show proof of insurance they will obtain it for you and bill you, usually at a much higher rate as you are now considered a risk (irresponsible). If you have a wreck before any new coverage is in effect you can lose your drivers license and in some states have your car tags taken. Also, anyone involved in the accident can sue you causing you to lose everything you own and even get a judgment against you for future wages. Keep your insurance and even after the car is paid for keep liability coverage. |
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timothy p
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probably not. If you read your contract with the credit union it probably states that you are required to carry insurance with them listed as the first loss payee.
Some financial institutions get notice of canceled insurance from the insurance company and will add insurance themselves and bill you for it.
It should be spelled out in your contract what will happen if you cancel. |
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Uncle Jed
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No one of the requirements of the credit union to give you a loan is that you have to carry full coverage to protect there interest in the car.
So you cant just cancel it or you are in default of your loan and when the credit union finds out they can cancel the loan and demand full payment or they will buy insurance and ad it to your payments and they wont shop for the cheapest ........md |
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