Banks dropping the "full coverage" contract.

[koda6966]

Do banks ever drop the contract thing that say's that you have to have full coverage on your vehicle if you pay your loan down to a certain amount?

Someone on another forum said that their bank was willing to do this once they got their loan down to 2000. If I can get my bank to do that.. you know what that means? I GET TO DRIVE MY TRUCK.

So, has anyone on here had their bank do that?

 

[Southern_Trendkill]

Nope. But I try to keep full coverage anyway. I total/lose vehicles with alarming frequency.

 

[koda6966]

Well, full coverage for me on just my car is 200/month. And I can't take it off the road for the summer so I can drive my truck.

 

[country0001]

Depends on the bank. If ur vehicle isn't worth( in their minds ) having full coverage, then they can release it. They just wanna make sure and get their money in case u wreck it.

 

[koda6966]

Well, my loan is down to 1900 and the car books for 2300.

 

[4byranger2000xlt]

With my bank, if the loan is for $2500 or less, you are not required to carry full coverage.

 

[88gt]

Well, full coverage for me on just my car is 200/month. And I can't take it off the road for the summer so I can drive my truck.

OMG, what is on your record? my insrance is less than that and i have full coverage on one, comp on another and my truck on liability, and i only pay 160 a month! daym! but i have never heard about banks letting you drop coverage when a loan gets to a certain amount left.

 

[koda6966]

Two accidents.

Backed into an 05 CTS in a parking lot (4.5k in damages, from a dented bumper)

Rear ended a 06 Grand Prix (totaled) There's more to this story, I was NOT at fault. I'll tell more about it later. Short story is the woman was stopped on the highway, around a blind turn, on a blind knoll, looking at deer. The trooper said if he could he would give her a ticket for being a f*cking retard, his own words.

 

[COPPERHEAD85]

If you still owe for it........keep the coverage.
$100 a month full on the 03 Jeep,85 Ranger and 81 F-100....................being 45 aint so bad.

 

[TheBeast]

I'd keep full coverage on most anything I owe money on.

 

[koda6966]

I can't afford full coverage, that's why I don't want it. I'm a full time student, so I don't have time to get a full time job. My part time job only gives me enough money to pay for the insurance and my loan. With maybe 50 left over for gas/necessities, for the month. I save my loose change for the stuff I want and don't need.

I talked to the bank. They said that even if I only owed a dollar they wouldn't let me take it off full coverage.

 

[dhdaniel]

Thats 1 reason I prefer a Credit Union,
once my loan gets down to 2000 or so they relax on the Full coverage

Dave

 

[koda6966]

Mine is a credit union. >.<