What do I do if I can't afford full-coverage car insurance for my financed vehicle?

I got laid off recently and I can't afford to make payments on my full-coverage insurance. What happens now?

Answer
I’m sorry to hear about your troubles. If you can’t afford full-coverage car insurance, there are two possible scenarios that may play out:
  • Your lender will get force-placed insurance for your vehicle and stick you with the bill, which will cost you more in the long run.
  • Your lender will declare that you breached the terms of your loan by failing to maintain insurance and repossess your vehicle.
To avoid these scenarios, your best bet is to shop around for full-coverage insurance, getting multiple quotes and comparing rates. You may find a plan that offers the coverage you need for a more affordable price.
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Carol Chung
Answered on Apr 12, 2021
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