Bankruptcy and Vehicle Insurance

Bankruptcy and Vehicle Insurance

Bankruptcy and Vehicle Insurance

If you have been given another chance after filing for bankruptcy, then you have to begin to save every penny you could. However, no matter how you want to save your money you will find yourself spending on the auto insurance even if you think that it is not necessary to spend on it. You can use some guidelines on how you can save the money you spend on insurance without a need to reduce your coverage. Make sure that the insurance company knows about all the safety gadgets that have been installed in your vehicle because; this may reduce the premiums at least 10 percent. Even if the insurance companies claim that they have done the research about your vehicle, take time to see what information they have and what they have missed out.

Make sure that you raised the deductible since it may save you some amount of money if you did not make any claim on your insurance. You should also take time to talk to the insurance agent about coverage level. Another way you can benefit about saving for your premiums is to get social. If you are a member of different group in the community then you may get a discount for your premiums.

Your credit rate also contributes in the premium you pay, if you pay your debit on time, it means that you are more careful therefore you also drive careful. If you participate also in the driving training and education, it shows that you take your driving at heart. Another way to keep your premium rate down after filing for bankruptcy is to drive a simple car. Luxury cars normally are the target for thieves and the insurance company will charge you more because in case of any accident to your car you will be paid much money.

However, when you are filling for bankruptcy, your car insurance also will be taken into account. Sometime the bankruptcy trustee may demand that you do not drive your car and that you keep your car safe until you can provide evidence that you have paid for its insurance. When you file for bankruptcy, then a bankruptcy estate should be created, and the vehicle is one of that estates.

Sometime the car can be exempted to be administered or sold; it is used to show your liability. If your vehicle is involved in any accident and it is proved that it is the debtor who was at fault, then the debtor and bankruptcy estate will be liable and their dividend that they had over the vehicles reduce. If you are filling for bankruptcy, it means that the value of your vehicle is among the dividend of the creditors. In other words if the vehicle get accident while you are still filing for bankruptcy it means that, the creditors are short of the value of the vehicle. This is why they protect their dividend by preventing the owner to drive the car during this time. So it can be benefited for you.

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