auto insurance

[stock10595]

Sir, I live in Clermont, Florida. My new car was damaged beyond repair. I am paying off the car loan, but the bank insists that I also maintain insurance. What can I do? Am I legally required to pay insurance on my car after I get rid of it and surrender the plates to motor vehicle? Does this make sense? Sincerely, Danny Holst

 

[TCB4U2B2B]

Suggestions

Hello Danny

Somethings fishy. No, what your discribing doesn't make sense, unless there are facts your leaving out or it's some type of state law.

Best suggestion is to inquire at the states department of motor vehicles office. You should also check with the bank and inquire about their position on the matter.

You can also call the states legal law department and inquire into what law requires insurance on a vehicle you no longer own.

 

[prinlee]

If you no longer have posession of the vehicle you dont have to carry insurance on it (i believe it is against the law to insure something you dont own). But If it is in the shop/out of commision and you still have tags on it and a bank loan than i believe you must carry insurance. So, as long as it is still legally yours you DO have to have insurance. Once ownership transfers to someone else, you can cancel your insurance.

I am not a lawyer. I was a Florida Insurance Agent and this is only my opinion. Your best bet would be to call your insurance agent and discuss this with them. They would be able to tell you the specifics.