un-insured accident

[honeyboy]

What is the name of your state? oregon-If insurance is cancelled or defaulted, is it the lending institutions responsibility by-law to provide coverage, and within what period of time? Also, what is the grace period on an insurance policy that has lapsed or been defaulted on?

 

[racer72]

The lending institution is not required to insure the vehicle, that is spelled out in your contract you signed. Anyone that finances a motor vehicle signs a limited liability waiver. This requires you to fully insure the vehicle and it waives the lender from any liablity because of your actions. The waiver will also allow the creditor to purchase insurance (and you pay for it) to cover the balance of the loan if you do not insure the vehicle. This insurance does not cover you at all.

There is no grace period for insurance. If your policy expires on the 20th, at 12:00 am on the 21st you are uninsured.

 

[zappy]

honeyboiiii:

ever hear of a credit card?

VERY very useful item, you can call up the insurance company, their 800 TOLL FREE number, and pay your bill on the phone, and when they give you an authorization #, then you are covered!!!!

Takes maybe 15 minutes.