Northern California Ford racer's Message Board Forum Sell & Buy Ford Parts in Northern California Classifieds Mustang Pictures / Videos of Ford Cars in Northern California

Northern California Ford Owners  


Post New Topic  New Poll  Post a Ford message board Reply
read DMs/my profile login | join CAFords | search | faq |
  next oldest topic   next newest topic
» Northern California Ford Owners     » Automotive   » General Talk   » do i need full coverage if i have a loan?!

 - Email this post to someone!    
Author Topic: do i need full coverage if i have a loan?!
Daniel50
¯
Member # 5629

Ford Icon 1 posted      Profile for Daniel50  Ford pictures for Daniel50    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
well here is the deal. i am selling my 2000 dodge ram and have a truck loan out on it. i dont want to drive it anymore with gas prices the way they are so i want to just park it at my house until i sell it.

1. Will my loan company know if i drop my coverage?

2. How long until they would know and what they will do if the find out?

3. what if i put a non-op on it?

--------------------
89 2.3- Sold
91 5.0- 12.7@110 sold
94 5.0- 13.0@105 sold
97 Cobra: Sold
95 5.0- sold
95 5.0-bone stock

Posts: 1017 | From: Discovery Bay, CA | Registered: Apr 2005  |  :
Jdub07
( O Y O )
Member # 2728

Ford Icon 1 posted      Profile for Jdub07  Ford pictures for Jdub07    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
put it non op and keep paying the loan
Posts: 7282 | Registered: Apr 2003  |  :
92stangLX
¯
Member # 3252

Ford Icon 1 posted      Profile for 92stangLX  Ford pictures for 92stangLX    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
Best thing to do is call the loan company and ask them how to handle the situation.
Posts: 5302 | From: San Francisco | Registered: Sep 2003  |  :
Daniel50
¯
Member # 5629

Ford Icon 1 posted      Profile for Daniel50  Ford pictures for Daniel50    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
yeah im going to keep paying the loan of course. but i really dont want to pay my 330 a month insurance payment every month. and im afraid if i call them then they are going to say no you cant and get pissed if they find out i cancelled. i figure if they find out if i dont tell them i can just say i didnt know or something.

--------------------
89 2.3- Sold
91 5.0- 12.7@110 sold
94 5.0- 13.0@105 sold
97 Cobra: Sold
95 5.0- sold
95 5.0-bone stock

Posts: 1017 | From: Discovery Bay, CA | Registered: Apr 2005  |  :
Jdub07
( O Y O )
Member # 2728

Ford Icon 1 posted      Profile for Jdub07  Ford pictures for Jdub07    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
from my understanding as long as you showed proof of insurance when you got the loan you don't have to tell them shit.

you can call them and ask them without giving them any of your information, just say you have a general question and see what they say

Posts: 7282 | Registered: Apr 2003  |  :
Jdub07
( O Y O )
Member # 2728

Ford Icon 1 posted      Profile for Jdub07  Ford pictures for Jdub07    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
is it a 4 door truck? I'll trade you my audi for it [patriot]
Posts: 7282 | Registered: Apr 2003  |  :
Daniel50
¯
Member # 5629

Ford Icon 1 posted      Profile for Daniel50  Ford pictures for Daniel50    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
kinda a 4 door. it has the 2 half suicide opening doorrs in the back. and my problem is owe 13k on the truck so i cant trade

--------------------
89 2.3- Sold
91 5.0- 12.7@110 sold
94 5.0- 13.0@105 sold
97 Cobra: Sold
95 5.0- sold
95 5.0-bone stock

Posts: 1017 | From: Discovery Bay, CA | Registered: Apr 2005  |  :
69grandecj
¯
Member # 5794

Ford Icon 1 posted      Profile for 69grandecj  Ford pictures for 69grandecj  Author's Homepage     Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
If you don't drive it at all you can drop the liability coverage but with a loan you are required to have comp and collision.

If you don't and it gets stolen or a drunk driver hits it in your drive way you are still responsible for the loan.

But lets say that is what you do and someone comes by and test drives it and gets in a wreck. You will be responsible for the damages of the truck and whatever that person hits.

--------------------
1969 Lime Gold Grande 428CJ 1 of 37
1969 Indian Fire SportsRoof
1989 Black GT Convertible 22k miles
2006 F-250 PSD Lariat CC

Posts: 203 | From: Tracy | Registered: Jun 2005  |  :
*BlueBeast88.306*
¯
Member # 6360

Ford Icon 1 posted      Profile for *BlueBeast88.306*  Ford pictures for *BlueBeast88.306*  Author's Homepage     Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
I bought a brand new Dodge Ram in 98 and never had full coverage. It was risky, but I couldn't afford it. Everyone told me the lender would find out and make trouble, but I never had a problem. You should not drop it from your insurance completely just down grade it to liabilty only. If you drop it the insurance company will report it to DMV and they will probably contact your lein holder. If you just down grade it they will not report it.
Posts: 462 | From: Concord | Registered: Jan 2006  |  :
Daniel50
¯
Member # 5629

Ford Icon 1 posted      Profile for Daniel50  Ford pictures for Daniel50    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
will they report it if there is a non-op?

--------------------
89 2.3- Sold
91 5.0- 12.7@110 sold
94 5.0- 13.0@105 sold
97 Cobra: Sold
95 5.0- sold
95 5.0-bone stock

Posts: 1017 | From: Discovery Bay, CA | Registered: Apr 2005  |  :
*BlueBeast88.306*
¯
Member # 6360

Ford Icon 1 posted      Profile for *BlueBeast88.306*  Ford pictures for *BlueBeast88.306*  Author's Homepage     Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
I don't know about that one, I've never non-op'ed a vehicle before.
Posts: 462 | From: Concord | Registered: Jan 2006  |  :
DLo
¯
Member # 6133

Ford Icon 1 posted      Profile for DLo  Ford pictures for DLo    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
I don't know how valid this information is, but I had a truck that I wanted to take the insurance off of since it wasn't being driven anymore and I was about to sell it. When I called up AAA to remove it from my plan, the lady (she actually was very hard to work with, maybe she was trying to dick with me) told me that I couldn't take insurance off the vehicle until it was actually sold. I had the pink slip and everything, no loans. I think non-op would work, I was about to do that but then made the sale. Just make sure you park it somewhere safe, it would suck to have something happen to it then still owe another 13k.

I'm pretty sure the loan companies will know if you drop coverage. As for how long, I have no idea.

--------------------
94 GT

Posts: 1876 | From: Bay Area, CA | Registered: Oct 2005  |  :
Daniel50
¯
Member # 5629

Ford Icon 1 posted      Profile for Daniel50  Ford pictures for Daniel50    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
its goig to be in my side yard with a car parked behind it, a gate, and then another car behind that in a gated community in discovery bay. haha i dont have much to worry about and its out of gas i think

--------------------
89 2.3- Sold
91 5.0- 12.7@110 sold
94 5.0- 13.0@105 sold
97 Cobra: Sold
95 5.0- sold
95 5.0-bone stock

Posts: 1017 | From: Discovery Bay, CA | Registered: Apr 2005  |  :
DLo
¯
Member # 6133

Ford Icon 1 posted      Profile for DLo  Ford pictures for DLo    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
I'd spring for non-op, but check up on it like said above. Call in without giving out any of your info.

--------------------
94 GT

Posts: 1876 | From: Bay Area, CA | Registered: Oct 2005  |  :
iceman302
¯
Member # 7180

Ford Icon 1 posted      Profile for iceman302  Ford pictures for iceman302    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
One thing that I've done when I'm going to be selling one of our cars is to contact the insurance company and tell them to reduce the usage down to as low as they will go. Your premiums are typically based upon how many miles that you drive (or what you told the insurance company you drive). If you're currently paying rates based on a much higher usage, then you may be able to keep the full coverage but lower your premiums substantially.

--------------------
'65 Mustang Fastback

Posts: 4171 | From: Rancho Murieta | Registered: Oct 2006  |  :
69grandecj
¯
Member # 5794

Ford Icon 1 posted      Profile for 69grandecj  Ford pictures for 69grandecj  Author's Homepage     Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
quote:
Originally posted by DLo:
I don't know how valid this information is, but I had a truck that I wanted to take the insurance off of since it wasn't being driven anymore and I was about to sell it. When I called up AAA to remove it from my plan, the lady (she actually was very hard to work with, maybe she was trying to dick with me) told me that I couldn't take insurance off the vehicle until it was actually sold. I had the pink slip and everything, no loans. I think non-op would work, I was about to do that but then made the sale. Just make sure you park it somewhere safe, it would suck to have something happen to it then still owe another 13k.

I'm pretty sure the loan companies will know if you drop coverage. As for how long, I have no idea.

That's AAA.

--------------------
1969 Lime Gold Grande 428CJ 1 of 37
1969 Indian Fire SportsRoof
1989 Black GT Convertible 22k miles
2006 F-250 PSD Lariat CC

Posts: 203 | From: Tracy | Registered: Jun 2005  |  :
DLo
¯
Member # 6133

Ford Icon 1 posted      Profile for DLo  Ford pictures for DLo    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
quote:
Originally posted by 69grandecj:
That's AAA.

So do they majorly suck then? When I called back and talked to another person, she was more willing to help. Told me the last person shouldn't have said any of that (and there's more to go with how I was getting shafted too). I'm thinking of shopping around, but I don't know - I've been with them so long.

--------------------
94 GT

Posts: 1876 | From: Bay Area, CA | Registered: Oct 2005  |  :
Dag302
¯
Member # 4682

Ford Icon 1 posted      Profile for Dag302  Ford pictures for Dag302    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
If the loan co finds out they will just add full coverage to your payment

--------------------
04 Expedition 4X4
93 Cobra #822
96 Cobra

Posts: 2842 | From: Sacramento | Registered: Jul 2004  |  :
Venomized93
Founding Member
Member # 55

Ford Icon 1 posted      Profile for Venomized93  Ford pictures for Venomized93    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
I thought they can REPO the car for breaking the loan agreement. I would be really carefull on this.
Posts: 2077 | From: San Francisco, California | Registered: Oct 2000  |  :
Cm4hawks
¯
Member # 5231

Ford Icon 1 posted      Profile for Cm4hawks  Ford pictures for Cm4hawks    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
I have done EXACTLY what you are doing now. I dropped the Insurance and the company did find out because my insurance sent them a Letter telling them i did so. The loan company gave me 2 weeks to get more coverage or they would tack it on my note. I told them i was not driving the car and they said it did not matter because someone could steal it or still crash into it and they would be out the money.

--------------------
2007 Ford Expedition
2004 Dodge Ram 2500

Posts: 1818 | From: Pacheco CA | Registered: Jan 2005  |  :
Daniel50
¯
Member # 5629

Ford Icon 1 posted      Profile for Daniel50  Ford pictures for Daniel50    Send New Direct Message       Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
hmmm maybe if i just put it down to minimum coverage they wont find out?

--------------------
89 2.3- Sold
91 5.0- 12.7@110 sold
94 5.0- 13.0@105 sold
97 Cobra: Sold
95 5.0- sold
95 5.0-bone stock

Posts: 1017 | From: Discovery Bay, CA | Registered: Apr 2005  |  :
hidnn.o.s.
¯
Member # 1219

Ford Icon 1 posted      Profile for hidnn.o.s.  Ford pictures for hidnn.o.s.        Edit/Delete Post   Reply With Quote       Share this CAFords post on FB
quote:
Originally posted by Daniel50:
hmmm maybe if i just put it down to minimum coverage they wont find out?

If you change ANYTHING regarding the policy a letter is sent to the lein holder for obvious reasons. If you think it's expensive now on insurance, WAIT UNTIL YOU SEE WHAT YOUR FINANCE COMPANY WILL CHARGE YOU [Eek!]

--------------------
R.I.P. Willie G. You are missed on this forum

Posts: 15950 | Registered: Apr 2002  |  :


 
Post New Topic  New Poll  Post a Ford message board Reply Close Topic   Feature Topic   Move Topic   Delete Topic next oldest topic   next newest topic
 - Printer friendly view of this Ford topic
Hop To:

Questions/Requests/Suggestions? email CAFords



Fueled by Ford Mustang Owners
on CaliforniaFords.com