Seeking Alpha

Papadino's  Instablog

Papadino
Send Message
MBA from University of Florida BA in Economics from University of Florida Licensed Florida Realtor
My blog:
Force Placed Insurance
  • What Happens If My Auto Insurance is Canceled or Lapses? 0 comments
    May 30, 2011 4:09 PM
    Force Placed Auto Insurance

     

    What happens if my car insurance is canceled or lapses?

    If the bank/lienholder receives notification that you are not carrying insurance on your automobile, they will procure a Force Place Auto Insurance Policy.  The premium will be added to your monthly principle & interest payment.

    What are the Consequences of Force Placed Auto Insurance?

    There are two things that you should be aware of regarding the Force Placed Auto Insurance that the bank/lienholder will force your to have:

    1. Force Placed Auto Insurance is extremely expensive relative to any other car insurance policies.
    2. The Force Placed Auto Insurance Policy may not include specific state required liability coverage.  In this scenario, unless you purchase liability insurance in addition to the Force Placed Auto Insurance that the bank/lienholder forces you to have, you will be driving illegally.
    What is the Solution to Force Placed Auto Insurance?

    In order to avoid being overcharged and undercovered, avoid Force Placed Auto Insurance (Force Placed Car Insurance) at all costs.  If your current auto insurance policy is in danger of lapsing or being canceled, find a new auto insurance policy immediately.

    Do not allow the bank or lienholder to place you on Force Placed Auto Insurance!

Back To Papadino's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.