By in debt - 01/11/2018 13:30

Today, a tree fell on our 3-month-old family car. Today, I also learned that my husband never insured it. It's probably scrap, and we still have to pay it off for the next 5 years. FML
I agree, your life sucks 3 065
You deserved it 567
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Top comments

CurmudgeonCrunch 7

Actually once they find out it’s scrapped they’ll expect payment within 2 weeks usually. Because that’s a secured loan that’s no longer secured.

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Comments

CurmudgeonCrunch 7

Actually once they find out it’s scrapped they’ll expect payment within 2 weeks usually. Because that’s a secured loan that’s no longer secured.

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RichardPencil 30

Just stop making payments and they’ll repossess the car. Done and done!

9 3
ViviMage 39

You can't drive it off the lot without insurance! Unless he signed up and let it lapse.... I'm sorry, that's a HDI. Comprehensive Insurance exists for exactly this reason.

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LadyRen 20

Seems your husband is scrap.

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maikeru1979 23

i call BS on this. If you buy a car with a loan/borrowed money, a lean is place on the title and you are REQUIRED to carry full coverage insurance. it is actually added to the monthly payment of the car

4 7
jellenwood 35

I’m not sure what kind of loan you are talking about but every car I have ever purchased doesn’t include car insurance in the loan payment. It’s true that the lean holder will know if insurance has lapsed.

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CurmudgeonCrunch 7

I’ve never heard of a loan where the auto insurance is included. I’ve had Gap Insurance as part of my loan. But I also had to have my own insurance. And show proof of it before they let me drive off (like you said).

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alycion 38

I’ve never had insurance payments rolled into car payments. I shop around every year for lower prices. I did opt to roll my home owner’s insurance into my mortgage though. So I guess it could be a thing in some areas.

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middlenamefrank2 4

Here in California, existing vehicle insurance will generally cover the "gap" until you get an actual policy on a new vehicle. Banks don't add an insurance payment to the loan -- they're not allowed to, by law. But they can (and will) insist that you procure insurance on the liened vehicle before the gap coverage runs out. However, it might take a few weeks for the bank to take action if you (or a stupid husband) doesn't get coverage for the new vehicle in a timely manner. So it's POSSIBLE for this sort of thing to occur.

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tr3yr 13

Ladies and gentlemen, if this is in the USA then when you buy a car they only most of the time require a current insurance card on your current vehicle. This may have been the reason that the husband forgot to switch it over after they purchased the vehicle.

3 1
Chazzster 28

If you financed the car, the finance company always insists on your having insurance coverage. So unless idiot husband immediately canceled the insurance after buying the car there might be insurance on the car.

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Phillycheeze 20

You should pimp your husband.... He can pay it off that way. LOL. Not sure where you are from. Most financial companies require insurance. If the owner doesn't insure the car, The finance company will purchase insurance and make you pay for it... just sayin... look in to it.

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sherbear86 21

Where I live you need insurance to get a plate for your car.

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