[Torx]

im paying $147 for full coverage and bunch of benefits for my lincoln with farmers insurance.
considering im 26, that to me is still a huge chunk of change for what it is..

so im thinking about going without insurance for a while until i can find a better coverage.

someone told me that since im still paying the car loan, if i cancel my insurance the bank is gonna come and get it. Is that true? That sounds like some bullshit. And bullshit if its true.

can anyone give me some advice on this?

[smirnoff]

Just drop everything but third-party liability if you're looking to save some money. Imo it's much too risky to drive with no insurance at all.

[Chris]

Originally Posted by Torx

someone told me that since im still paying the car loan, if i cancel my insurance the bank is gonna come and get it. Is that true? That sounds like some bullshit. And bullshit if its true.

It's true.. My ex just got an '05 Stratus and the dealer basically told her the same thing. Since she's getting a loan from the bank, the bank wants her to be fully insured otherwise they can come take the car, I guess. I don't know how they'll find out if she's not "fully" insured, but I feel a little bad for her because her insurance went up to $315 a month or so when she got her new car (shes 20) and that's a fucking lot of money.

[Torx]

^^wow, thats a fuckin RIPOFF. I wouldnt even begin to know how to get out of that situation,

i was thinking about dropping down to liability, but since chris mentioned it, i think you HAVE to have full coverage or else... fuckin shite

[ShabazKillaX]

If you are financing the vehicle and drop insurance the lender will take out an insurance policy on it and send you the bill.

[demonizeZ]

A friend of mine she got her second car through bank, because they gave her very low interest. In winter she cancel her insurance and surrender the number plate, because she wouldn't be driving that car on snow and stuff. Bank send her 2 letter with warning so she had to get all that stuff back on the car. Even though it would have stood in a garage all winter. Totally messed up system.

[MSP]

Don't be a retard Torx. You run without insurance and you could get into an accident and fuck up your life and someone else's. If you can't afford insurance then you can't afford to be driving.

[Chainblade]

Ya all car loans require full coverage or they will either tack on their own insurance to the loan or come get the car. It doesn't matter if you are driving it or not. I've had three car loans and they've all been that way. It's just how it goes.

I'd say if you can swing it, keep insurance. I HATE paying it as nothing has ever happened to me before so it just seems like money down the toilet. I pay $255/month for full coverage on a 2007 Kia Optima and liability on a 92 Explorer.

There have been some times when I didn't have car insurance. It was quite the risk but I had NO other way of making my basic bills at some of those times. Trust me, I'm barely scraping by now but I can technically afford to pay it so I do.

I think the statement "If you can't afford insurance then you can't afford to be driving" is silly. I think if there is ANY way you can afford it you should but in some cases, it may not be possible. Around here, public transportation SUCKS unless you work and live in Seattle. If you are outside of it, it's just awful. You have NO other means to get to work but by driving. And walking, biking, hitchhiking, riding with friends, etc are not always options either.

Keep in mind that if you have gaps in your car insurance coverage, that will hurt your premiums. I'm not sure if ALL car insurance companies are like that but when I was shopping around last, I was told that.

[Juballharshaw]

Originally Posted by MSP

Don't be a retard Torx. You run without insurance and you could get into an accident and fuck up your life and someone else's. If you can't afford insurance then you can't afford to be driving.

QFT.

If you need to get on a policy with someone else to get a multi-vehicle discount. When I switched my policy from Progressive by myself to State Farm with the gf (who's over 25) my monthly insurance went from $230 to $125 with a $10 or so good student discount.

And yes, if you're financing you need full coverage or as stated above they'll put their own policy on and they never go for the best deal.