I got a loan from the bank for my car and i was wondering can u put fire and theft on it and store it for the winter. or do i have to have full coverage cuz theres a loan out. i have state farm if that means anything.
depends your relationship with the loan officer. i got mine and didnt have to get full coverage, but the loan officer is also my dads cousin. i also had to keep everything around nine thousand.
Exactly, it really depends on who you have the loan through. Just call them first and verify that it will be ok to do that because if you don't have sufficient insurance on it for them they will try to shaft you with there insurance at very high rates.
Call them up and drop your coverage down to Comprehensive insurance. They may or may not want your license plates. Then just call them up and raise the coverage when you take it out of staorage. I think they have a set date of like April 1st or April 30th to call them to raise it back to full covverage. Otherwise they do it automatically because the weather will be nice by then.
In MA, if there is a lein out on the car, you must carry full insurance coverage until the vehicle is paid off and the title is in your name. Only then can you drop the coverage down
