Good question about financed car and insurance.?

I%26#039;m insuring two cars and my rate is high. I would like to know, Is it possible to tell my insurance company that my car is no longer finance (even if it still is) so i can switch to a liability coverage and lower my rate. Is my insurance company going contact my finance about detail...

Good question about financed car and insurance.?

Sure, you can lie about it. Your insurance company will send a notice to the leinholder, that the leinholder is being deleted from your policy at your request. They have to do that. Then you can delete your coverage.

But then the lender can and will (eventually) put %26quot;forced placement%26quot; coverage on your car, that ONLY covers them, and it costs 10X what regular collision %26amp; comp costs, AND, they add it retroactively, and take your car payments and apply it to the insurance FIRST, and increase your payment amount. So it%26#039;s CHEAPER to carry it on your policy.

Good question about financed car and insurance.?

You will have to produce a clean title proving that the loan is paid off before your insurance company will make this change, and you can%26#039;t get a clean title without the loan being paid off. So you can tell them whatever you want but they won%26#039;t change the policy till you can provide proof of satisfying the loan.

Good question about financed car and insurance.?

I%26#039;m not an attorney, nor am i suggesting you do this, but i have %26quot;heard%26quot; that sometimes you can call and tell your ins co, that you won%26#039;t be driving one of the vehicles, claiming that it will be stored away. So ask them for a %26quot;storage%26quot; insurance quote...to cover just the bare basics of insurance needed for the vehicle in storage.

this storage insurance rate saves you about 85-95% of normal rates.

WARNING...if you drive this %26quot;stored%26quot; vehicle and you get into an accident..you are in big trouble mister.

so way out the possibilities and risks to see if it%26#039;s worthwhile. I heard of several people doing this %26quot;temporarily%26quot; with succes with financed cars,till they were able to get caught up on thier bills.

good luck.

Good question about financed car and insurance.?

If you have high rates, try another insurance company. The rates charged don%26#039;t have that much to do with what the insurance company charges, other than for carrying collosion/comprehensive. If you have confidence in your driving habits and your neighborhood, you can always increase your deductable and save that way.

What you propose is fraud, and could lead you to be in deep doo-doo if there is an accident.

Good question about financed car and insurance.?

sounds like a terrible idea to me.

i am sorry your rate is high, perhaps you should shop around?

Good question about financed car and insurance.?

San, Yahoo!Answers is a great resource but sometimes the answer is unclear. Can you get away with it or not?

Maybe I can help. There is a very little known feature in Yahoo!Answers. Instead of vague answers to your question you can be provided a sneak peak at your next question -

Q. %26quot;Last December I took a chance and deleted collision coverage on a car that I had financed. Collision premiums are pretty high so I thought why not save some money, the finance company will never know that I don%26#039;t have collision coverage.

Last week when I was changing a CD I looked down for just a second and didn%26#039;t see that the car in front of me had stopped. To make a long story short my car was totaled. I%26#039;m fine thanks, no injuries.

But now I must replace that car but I can%26#039;t afford to buy another one. It%26#039;s a real mess the finance company is suing me for immediate payment because they no longer have collateral for their loan. I can%26#039;t pay them, how can I come up with (insert your loan amount here) and buy another car. What can I do? Your advice is appreciated.%26quot;

Pretty neat new feature, huh? Feel free to use your second question whenever you need to.