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.


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.


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.


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.


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.



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