1. 

   Comment by mattie_blower
   April 3, 2010 @ 4:48 am

   you still have to pay off the loan, you just cant drive it without insurance….

2. 

   Comment by Dylan M
   April 3, 2010 @ 5:27 am

   If you have an accident, then the insurance will not cover your truck and you still have to pay the dealership, as well as getting the truck fixed.

3. 

   Comment by Byron Brunski
   April 3, 2010 @ 5:41 am

   The insurance Co. is required to send notice to bank.. that you no longer have ins. The bank will then automatically put expensive ins. on your vehicle.. or they will come for your truck………….

4. 

   Comment by remowlms
   April 3, 2010 @ 5:57 am

   Your loan company will purchase full coverage insurance for you and charge you for it…it will cost you about triple of what you would pay yourself.

5. 

   Comment by Badkitty
   April 3, 2010 @ 6:14 am

   The lender would force place physical damage coverage insurance on the vehicle and add the premium amount to the loan. Very expensive coverage and you would still be in violation of your states insurance laws as you would not have liability coverage.

6. 

   Comment by ygwild
   April 3, 2010 @ 6:33 am

   Nothing.
   It’s all just a matter of your own risk. Conprehensive Insurance just covers your loan in case the truck gets totalled and the other person involved if there is another person.
   If you’re not insured when it does get totaled then the lenders chase after you instead and what you used as guarantor. I would recommend to at least get a third party insurance at least in case you damage someone else’s vehicle this also sometimes cover minor damage to your truck by someone else

7. 

   Comment by Rebelicious
   April 3, 2010 @ 7:21 am

   when this happened to me the loan company contacted me wanting to know why the insurance was dropped. with most loans/banks you have to keep insurance on your vehicle until the loan is paid off.

8. 

   Comment by kelly_f_1999
   April 3, 2010 @ 7:39 am

   and or they send you a letter from dmv telling you your license has been cancel cause of no insurance

9. 

   Comment by lars12801
   April 3, 2010 @ 8:25 am

   nothing! just don’t get caught without inc or they’ll tow your vehicle ticket you for not having inc and then they won’t let it out of impoundment with out proof of insurance and then you have to pay a ridiculous storage fee especially if it gets towed on a friday night and you can’t get it back till monday, so your better off paying your inc… I’m speaking from experience

10. 

    Comment by jiggyd1
    April 3, 2010 @ 8:41 am

    Nothing, if you dont get caught by the cops or get into an accident. You still need it for registration every year. If something happens, you’re gonna pay alot of mula!

11. 

    Comment by k2t3
    April 3, 2010 @ 9:02 am

    they would let the people that hold the title that you canceled the insurance. they could charge you their insurance rate which would be higher than what you could get. your vehicle could get repoed by the company. if you get stopped by the cops then heavy fines. worse case if you ignore notices that you are responsible for insurance and still don;t get it you could (depending on where you live) be arrested and have to pay even more to get it reinstated with an sr22 and license reinstated as well. so cheaper in long run to keep the insurance or get just state requirements

12. 

    Comment by Macman
    April 3, 2010 @ 9:07 am

    The insurance company will notify the loan company and the loan company will force an insurance premium on your loan payments. You also risk being put into a high risk category for any future insurance you apply for.

13. 

    Comment by Ron T
    April 3, 2010 @ 9:35 am

    From what I understand, the finance company can repo the truck because you’re obligated to keep comprehensive insurance any new vehicle. If they don’t repossess the vehicle, they can add an insurance payment to your loan payment. If they do repo, they’ll auction it off. The difference between the amount they get at the auction, and what you have left on your loan is the amount you still have to pay back. In other words, if your buyout on the truck is $20K, and all they get at auction is $15K, you still have to pay them the remaining $5000. Its cheaper to pay the insurance. And for all those saying nothing will happen to you, they must live in states that don’t require mandatory insurance.

14. 

    Comment by Scott H
    April 3, 2010 @ 10:01 am

    I’m pretty certain it states somewhere in your contract with the lender that you are required to maintain a minimum amount (as specified by the lender) of insurance on the vehicle at all times. This was a condition of them loaning you money. If you cancel the coverage or it lapses, the insurance company must notify the “loss payee” (lender) and they can cancel the loan and demand full payment, or they will add their private insurance to the loan to protect their interest in the vehicle. This private insurance is very expensive and will cost you a lot more than the insurance you’re currently carrying on the vehicle.

15. 

    Comment by aries2022
    April 3, 2010 @ 10:14 am

    the insurance company will notify the loan company that you are no longer insured with them and your loan company will force place insurance which could be very expensive,they will just add it to your loan payment every month

16. 

    Comment by Janet R
    April 3, 2010 @ 10:57 am

    No insurance then you are not covered for an accident.
    Stakes are too high.
    Easy solution If the truck is not going to be used sell it.
    ALWAYS only drive insured vehicles.

17. 

    Comment by JEANNE C
    April 3, 2010 @ 11:23 am

    Your insurance company is obligated to notify the lien holder that the insurance was canceled. The lien holder will contact you and tell you you need insurance. If you do not reinstate the insurance, the the lien holder will get full coverage for the vehicle, whether you are driving it or not. You will be obligated to pay an outrageous price for the insurance they get for the truck. Then if you don’t pay for the insurance and the balance of the loan, they will reprocess the vehicle. Once that happens, your credit rating will be effected negatively. They will auction the truck off at an auction, get what they can, and if it isn’t what you owe plus the insurance charges they are charging you, you will have to pay the difference in what they sold it for and what you originally owed.

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