Comments on: I signed a new car loan but did not have full coverage insurance. Is this contract valid? http://autocarloansnow.com/i-signed-a-new-car-loan-but-did-not-have-full-coverage-insurance-is-this-contract-valid.html Thu, 02 Feb 2012 00:01:28 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: abqdan http://autocarloansnow.com/i-signed-a-new-car-loan-but-did-not-have-full-coverage-insurance-is-this-contract-valid.html/comment-page-1#comment-3628 abqdan Sun, 21 Feb 2010 17:43:51 +0000 http://autocarloansnow.com/i-signed-a-new-car-loan-but-did-not-have-full-coverage-insurance-is-this-contract-valid.html#comment-3628 No. A condition of the contract is that you must obtain full coverage on the vehicle OR THEY WILL ARRANGE IT. That's in all new car purchase agreements. They will go out and find someone to assume the risk, and you will be stuck with the bill for the insurance. Since you are presumably a bad risk, my guess is that the insurance premium will be astronomical. I would contact them immediately and explain the situation, and ask them to cancel the agreement. They may (although they'll probably charge you something for their trouble) but the contract is valid, and they could enforce it if they want to. No. A condition of the contract is that you must obtain full coverage on the vehicle OR THEY WILL ARRANGE IT. That’s in all new car purchase agreements. They will go out and find someone to assume the risk, and you will be stuck with the bill for the insurance. Since you are presumably a bad risk, my guess is that the insurance premium will be astronomical.

I would contact them immediately and explain the situation, and ask them to cancel the agreement. They may (although they’ll probably charge you something for their trouble) but the contract is valid, and they could enforce it if they want to.

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]]> By: glamour04111 http://autocarloansnow.com/i-signed-a-new-car-loan-but-did-not-have-full-coverage-insurance-is-this-contract-valid.html/comment-page-1#comment-3629 glamour04111 Sun, 21 Feb 2010 17:43:51 +0000 http://autocarloansnow.com/i-signed-a-new-car-loan-but-did-not-have-full-coverage-insurance-is-this-contract-valid.html#comment-3629 tell the car lot you can not get full coverage and they probably will let you out of the contract but I have never heard of a company refusing anyone full coverage. Good Luck! I think you are stuck with a new car. tell the car lot you can not get full coverage and they probably will let you out of the contract but I have never heard of a company refusing anyone full coverage. Good Luck! I think you are stuck with a new car.

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]]> By: ?Tom? http://autocarloansnow.com/i-signed-a-new-car-loan-but-did-not-have-full-coverage-insurance-is-this-contract-valid.html/comment-page-1#comment-3630 ?Tom? Sun, 21 Feb 2010 17:43:51 +0000 http://autocarloansnow.com/i-signed-a-new-car-loan-but-did-not-have-full-coverage-insurance-is-this-contract-valid.html#comment-3630 I guess you need to go to another insurance company.. and pay through the nose for full coverage... You should have talked with your insurance agent before signing papers for the car. I guess you need to go to another insurance company.. and pay through the nose for full coverage…

You should have talked with your insurance agent before signing papers for the car.

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