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thatgirl22 · Sep 1, 2008, 12:30 PM

I had 3 points on my driving record, but 2 recently were added so now I currently have 5 points on my record. I'm financing my car through Toyota Motor Credit and have 3 1/2 yrs. Left to pay on it. I can't afford full coverage insurance any longer because of the DUI I just got last month. Toyota said I have to have full coverage, but I'm wondering if there is any way to get just liability insurance? Will they find out, and will my car get repossessed? Everyone is telling me different stories. I've heard I only had to have full coverage the first 3 months I had the car. There's no way I can afford to keep this car if I have to have full coverage insurance on it as well. Someone please help me! I don't know if I should give up my car and save for a beater car because my insurance will be so high, or if I should try to keep the car and get liability insurance hoping Toyota doesn't find out?

twinkiedooter · Sep 1, 2008, 12:38 PM

Yes, Toyota will find out. You must keep full coverage on a financed auto for the entire life of the loan. After the loan is paid off you can have any kind of coverage you wish, but right now, they're in the driver's seat.

Fr_Chuck · Sep 1, 2008, 01:51 PM

Yes you have to have full coverage the entire time you have the car. *** if for example you have a wreck and the car is totaled out and it is your fault, they expect a check and guess what you will not want to keep making car payents on a trashed car

What happens is, if you don't provide it, they will at a very, very, ( did I say very) high price. Then when you do't pay that bill, they merely repo the car for non payment.

smearcase · Sep 1, 2008, 03:38 PM

You normally have to give the insurance company the name of the bank or loan company. I believe the insurance company sends the loan company a copy of the policy and keeps them updated with any changes.
The insurance is basically the loan company's collateral and you can bet they are going to keep track of whether it's in force.

glu2706 · May 2, 2009, 04:55 AM

Be careful, my son was able to drop collision with a vehicle financed in my name 6 months later totaled it, hsbc bank was never notified of the change in policy nor was I and now I'm being hounded to pay the loan in full,appearantly there is no law protecting the consumer on this,and if your ins. co. doesn't notify the bank your all good until something happens. Not worth the gamble!!

wed35 · Oct 5, 2009, 09:21 PM

We were paying about 2000 for 2 vehicles for a year full coverage and we checked into insurance brokers of Maryland where they search for the best company for you we were able to keep the same coverage with a diff company but we only pay 1007 for a year now we can't believe how long we were overpaying! I don't know what state you live in but def. worth checking it out