0
Can the bank holding the lien on a car find out if you have only liability and can they repossess if they require full coverage?
Wiki User
∙ 12y ago
Absolutely! The insurance company should be sending the lien holder a copy of your policy and if you are not providing full coverage they will either repossess the car or purchase Lender's Single Interest Insurance (very expensive policies) and add the premium to your loan.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Do you have to have full coverage on a sports bike if you get a bank loan or will liability due?
More than likely your lien holder will require you to carry collision and comprehensive coverage in addition to liability coverage, this is to protect them/their investment.
Is car insurance mandatory in Maryland?
Yes, I did some research online and Maryland does require liability insurance. 47 States require minimum liability coverage.
Does the state of Georgia only require liability car insurance?
The state of Georgia only requires liability and property damage coverage. You have the option to purchase additional coverage's. It is a good idea to purchase uninsured motorist coverage.
Do you need liability insurance if you have a party in a school building?
Absolutely. And if the school system has anyone with intelligence they will require you to provide them with proof of such coverage in the same amount equal to their liability coverage amount. If this is a one time thing you can purchase a liability policy called special event coverage.
Which states do not require liability coverage for auto insurance?
All states either require insurance or proof of financial responsiblity.
Do Wisconsin and Tennessee require mandatory auto insurance?
Both Tennessee and Wisconsin require auto liability insurance in order to drive in the states. Wisconsin requires that you have liability and uninsured motorists coverage.
Why is uninsured motorist coverage required in states that require liability coverage?
UM (uninsured motorist) coverage is not required in all states that require liability coverage. However, UM is an important coverage in auto insurance because it steps in and pays for your bodily injury (medical expense, lost wages, and pain & suffering) when you are injured by a hit-and-run, uninsured driver, or irresponsible driver who carries low liability coverage on their auto insurance. In another word, UM is a coverage for you and people in your car guarding against the risk of irresponsiblly insured drivers - and there are a lot of them out there.
Do car insurance Nebraska laws require me to have full coverage insurance?
In Nebraska, you're actually not required to have full coverage. You'll only need to have minimum liability insurance.
Does Michigan require car insurance?
The state of Michigan does require that all drivers have some car insurance. This includes either having liability or full policy coverage.
Does the state of Missouri require rental car to be paid for under full coverage auto insurance?
No. Rental coverage is something you buy extra. "Full coverage" just means you bought liability, comprehensive, and collision insurance.
Do motorcycles licensed for street use still need liability insurance coverage?
Yes. Off road vehicles do not require insurance.
Does the Massachusetts DMV require me to have full MA car insurance coverage?
No, the Massachusetts DMV only requires that a driver have liability insurance.
