2018-03-28 at 5:22 AM UTC
Typically banks tell you that you must maintain 'full coverage' insurance on a vehicle you finance. I am curious what ( if any ) methods they use to keep tabs on the status of your coverage. Does the insurance company tattle on you if you don't renew the policy ( rat you out to the bank so that you have to renew?)
cite your sources
2018-03-28 at 1:02 PM UTC
in florida they do.
if you dont pay your premium and the insurance coverage expires the insurance company sends a letter to the state to revoke your license and the lien holder of a vehicle.
when i was in the military i was stationed in some over-seas shithole and had no need for a vehicle so i sold the one i had. obviously i didnt need insurance since i didnt have a vehicle. fast forward a few years later some base cop is running my license and...abracadabra...my license was suspended.
