Legal Question in Insurance Law in California
auto insurance
I recently contacted the company , that my truck was financed through, to let them know that I was requesting a voluntary reposesion . Also, that I was cancelling my insurance policy covering it.
It took almost three months for them to contact me, to take possesion of it, and my truck was stolen before they finally came for it. I have filed a police report, but who is ultimaltey responsible for the truck, if neither I nor the finance company had it covered by insurance, at the time it was stolen?
1 Answer from Attorneys
Re: auto insurance
The answer depends on the precise language of your contract, but presumably the contract requires you to insure the truck so the loss is on you. By cancelling your insurance and ceasing payments you breached the contract, but the fact that the company took its time before reposessing probably does not mean that the risk of an uninsured loss passed from you to them. There are contrary arguments you can make if the company pusues you, but you will probably want a lawyer on board to make them for you.
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