How many times has your Bank checked your auto insurance?

How many times has your Bank checked your auto insurance?

Im looking to get another vehicle, and the full coverage insurance is just too high. I dont want to take collision and comprehensive becuase the cost is too high, but comprehensive alone is relatively affordable. My question is, will Capital One auto finance call and check my insurance to see if I have full coverage-if so how often do they do this.... and what happens if they find that I only have comprehensive? Will they reposses, has anyone had this happen to them be it Captial One or any other lender?BTW, If I was to have an at fault wreck, I would still continue to pay my monthly payment because its relatively cheap.

slickcut

If you have your vehicle financed through Capital One,yes they will and they will require full coverage to protect themselves...the only way you can just liability is if you buy a car and have it paid for.

buildingcode2020

Better check your state laws. You may be required to carry full coverage.Also, when I have changed vehicles, my insurance carrier has always asked if/who the lein holder was on the vehicle. They have to know who may have legal rights concerning the vehicle.If you were to 'mis-inform' them, they may have no obligations to honor your policy in the event of an accident.

RUNTOLI

If you have a loan out with a bank it is by law that you carry full coverage.If they do find out they will charge you their rates. Believe me you do not want that.

younggra

By law, if your car is financed through someone, you must carry comp and collision. Sometimes you can decide the deductible you will pay in case of an accident, and sometimes the bank tells you what they require. That can affect your monthly insurance payment, because the higher your deductible, the lower your insurance payment. The bank can call the insurance company any time they want (and believe me, they do), and the insurance company has to let the bank know if there is ANY change in your coverage (like if you drop collision, for instance).Source(s):I'm an insurance agent.

Ask

insurance

Popular Q&A

First time getting car insurance I'm 20 years old...help!?
Typically, insurance rates are filed by the various insurance companies that are licensed to do business in your State, and they vary from State to State.The best thing to do is call a LOCAL independent agent. Just look in the phone book for the PIA or Big I (Trusted Choice) logos and you will...

I am curious what auto insurance companies out there, don’t require social security to give you a quote?
It seems sort of like the others are answering a different question. The question is simple: “What” insurance companies out there will not require a social-security number to give you a quote. I have the answer for you Sean, here are a few of the small amount that won't require your ss:*...

How often does State Farm check driving records?
I actually work for State farm. They don't usually do a records check on clients unless they make some changes to their policy or after a year or so. So it may take about a year before they even see it. They usually don't check in the middle of a term so you won't see the change in premium...

Is she paying to much for auto insurance?
Answer from a General Insurance AgentYour Aunt is considered a "high risk" driver due to no credit, and no driving history.She needs to try some other smaller companies. Shop around. A non standard auto insurance carrier will offer her the best rate. there are many non-standard companies that...