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Auto Insurance, im swtiching companies but im worried about lienholder. Help?
i have Capital One as my auto lienholder and as of right now allstate as my insurance. I was sent a letter by allstate that they are going to cancel my policy as of 12/17 for nonpayment. They want $830 for a payment which I dont have right now.
I want to switch to Geico which is extremley affordable compared to allstate but i cant get coverage untill 12/ 18 or at the latest 12/19. My big question is even though techincally id be without coverage for a day would my lienholder come after the car even though im switching companies?
Scared,
Thanks
Im worried that Capital One would try to reposess even though i have never been late and
Don’t drive the car on the day it’s without insurance. Leave it parked, off the road if you have a place to park off road so it won’t have a chance of even being hit.
The chances are the lender won’t bother you. Typically they don’t worry about anything but not getting paid, and even then typically 90 days goes by before they get serious with repossession.
As I see it, your biggest worry is the possibility that Allstate will tell the state your insurance has been canceled for non-payment, and the state will void your registration or suspend your license to drive. If that happens you will have some work to proving you merely switched providers, and a copy of your then current insurance card should fix it, but be careful of that happening. Also, depending on whether the $830 is for past or future bills, Allstate may turn you in to collections, which will affect your credit rating.
Bottom line, please don’t drive until you know for sure that you are covered.
