At what point can a driver buy PLPD insurance for an auto short of the full balance being paid off?

Answer

Past experience financing a auto purchases in the state of California makes me pretty certain that a vehicle must be paid in full & pink slip transferred to independent owner prior to a driver legally reducing to PLPD insurance coverage. A lending bank shares legal joint ownership of a driver's vehicle until the auto loan has been completely repaid, and views the vehicle in terms of its collateral value. Should you happen to default payment, for example, a lender may assume rightful ownership of the driver's vehicle, and liquidate said asset for profit at will. Naturally, corporate lenders, banks, car dealerships, encourage & expect borrowers to honor debt repayment as much as they value their vehicles, not to mention their credit. Whereas repossessed vehicles, depreciated by time and normal use, incurr significant loss for lenders, requiring a driver to maintain full comprehensive/collision/UIDM coverage on the vehicle for the life of the loan effectively protects joint assets against incidental loss due to accident/vandalism/theft.

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