Anyone know how to get around GM Financial's collision requirement? - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

HOJO · 02-08-2016, 06:31 PM

I only carry fire, theft and vandalism coverage during the winter. Credit union is good with that, but not at first. Had to speak with head of loan department and then provide proof of coverage in case something happened. Love my credit union.

jshaf · 02-08-2016, 06:42 PM

LOL, attorney general will get a laugh out of this one.....every car I have ever financed required full coverage til it was paid off.

derek1387 · 02-08-2016, 06:47 PM

I think it depends on who you talk to. I called GM Financial because I do the same, and they said technically they dont require insurance on the car, but strongly recommended it.

I kept Comp on it for the winter while in the garage, but thats it. My insurance company basically just wanted me to acknowledge the fact that "I am assuming any risk" etc.

Rainbow1616 · 02-08-2016, 06:53 PM

If you send your plates in I see no reason why you need full coverage. This is common occurrence for a motorcycle weather financed or not. I have done it many times for a motorcycle. The insurance company even had a term for it calling it 6 months lay up or something like that. I see no reason why they wouldn't do the same with a car if you send your plates in.

dmcm494 · 02-08-2016, 07:17 PM

My bank was good with. Fire, theft, and Comp. I had to call and explain. And my state doesn't require you turn your plates over as long as you maintain any kind of ins.

Jackass · 02-08-2016, 07:24 PM

Easy fix guys , I'm so surprised how no one knows how to go about this issue
I'm with you OP , it's a very simple move that no one will try to call it BS
Here it is , call my number and I will go into details about it
Call me at 1800 PAYTHELOANFIRST

WeflyhereSS · 02-08-2016, 07:38 PM

Quote:

Originally Posted by motorhead

I don't know any financial institution that doesn't require you to maintain full coverage while you have a note with them.

What he said

blakjak55 · 02-08-2016, 07:39 PM

I agree. It's not your car yet, it still belongs to the lender until you pay it off. If they require you to keep it covered then it's their car to make that call with. Every car I've ever had a loan on had to have full coverage until it was paid off. You can call them and explain but I wouldn't hold my breath.

HuJass · 02-08-2016, 07:40 PM

I talked to my agent earlier today.
She was very surprised at this requirement.
We live in snow country. EVERYBODY with a nice car takes them off the road during the winter and knocks the insurance down to just comp.

My agent said there isn't any kind of reduced rate for the winter that would satisfy GM Financial's requirement of having collision. As a matter of fact, in order to put collision on the car, they have to put liability on it, too.

If the AG can't do anything, I'll switch the car to either Grundy or Hagerty.

songsj · 02-08-2016, 08:14 PM

I could be wrong but I cannot believe all of these people in snow country with 'Vette's ect. carry full coverage year round. I believe you need to keep fire, theft and comp on it and a letter stating you are not going to drive the car. Imagine keeping full coverage on your boat in Minnesota. Doesn't seem to make sense.

EWade · 02-08-2016, 08:29 PM

Quote:

Originally Posted by songsj

I could be wrong but I cannot believe all of these people in snow country with 'Vette's ect. carry full coverage year round. I believe you need to keep fire, theft and comp on it and a letter stating you are not going to drive the car. Imagine keeping full coverage on your boat in Minnesota. Doesn't seem to make sense.

You have to look at it this way, insurance companies either insure you with liability coverage or full coverage. I could only guess that specialty insurance companies like Grundy would do a little different for coverage but doubtful a typical average insurance company will deviate from how they do their policies for coverage. Wouldn't matter who you financed the car through, every financer demands full coverage just in case a worst case scenario happens, it covers everyone's ass if the car is totaled. I've got two motorcycles, one is paid for the other I still owe on, coverage on the paid off bike is liability. But on the other bike I have to carry full coverage, and these bikes sit during the Winter, unless the weather and roads give me a chance to take one for a ride. Do I have a problem with full coverage on a bike that sits maybe 3 months out of a year? Nope cause the note holder requires it.

Jackass · 02-08-2016, 08:39 PM

Quote:

Originally Posted by HuJass

I talked to my agent earlier today.
She was very surprised at this requirement.
We live in snow country. EVERYBODY with a nice car takes them off the road during the winter and knocks the insurance down to just comp.

My agent said there isn't any kind of reduced rate for the winter that would satisfy GM Financial's requirement of having collision. As a matter of fact, in order to put collision on the car, they have to put liability on it, too.

If the AG can't do anything, I'll switch the car to either Grundy or Hagerty.

Keep in mind that (your ) agent gets paid on a percentage bases over what she /he brings in

Xello · 02-08-2016, 08:55 PM

Quote:

Originally Posted by derek1387

I think it depends on who you talk to. I called GM Financial because I do the same, and they said technically they dont require insurance on the car, but strongly recommended it.

I kept Comp on it for the winter while in the garage, but thats it. My insurance company basically just wanted me to acknowledge the fact that "I am assuming any risk" etc.

^^THIS
Every winter when I store my car in the garage (even when the bank owned it) I reduced my insurance to just comprehensive. That is all the was required. Maybe it depends on which state you are insured in what coverage you need.

45thCamaro · 02-08-2016, 08:59 PM

Any financing company is going to require you have full coverage. They have a monetary interest in the car, if your garage went up in flames and the car was totaled, they would have to come after you to keep paying the car payments to satisfy the loan. My car is paid off and I keep full coverage on it 365. My car sits in the garage and has like 4500 miles on it for almost 4 years

02-08-2016, 06:42 PM	#16
jshaf Montani Semper Liberi Drives: 2011 Black 2SS/RS w/ IOM stripes Join Date: Feb 2010 Location: Masontown, WV Posts: 4,841	LOL, attorney general will get a laugh out of this one.....every car I have ever financed required full coverage til it was paid off. __________________ Stainless Works 1 7/8 Long Tude Headers, Stainless Works High Flow Cats, Stainless Works Retro Chambered Catback, Z/28 Air Intake, RDP Tuned, FR41 Chrome Rims, 1100W stereo, 35% Tint

02-08-2016, 06:47 PM	#17
derek1387 Drives: 2015 1LS Red V6 Join Date: Aug 2015 Location: St Joseph, MO Posts: 1,849	I think it depends on who you talk to. I called GM Financial because I do the same, and they said technically they dont require insurance on the car, but strongly recommended it. I kept Comp on it for the winter while in the garage, but thats it. My insurance company basically just wanted me to acknowledge the fact that "I am assuming any risk" etc. __________________ Sponsors: Overkill Motorsport BCS Auto JacFab Machining APDEG Dream Gear Mobile Audio Thanks to Will @ Overkill Motorsports, Jason @ JacFab, Jim @ Ohio Speed, Brandon at Dream Gear, and the boys at Randy Curnow Chevrolet 5th Gen V6 Performance Facebook Group

02-08-2016, 07:39 PM	#22
blakjak55 drinks virgil's Drives: 2010 2SS M6 Join Date: Feb 2014 Location: Missouri Posts: 448	I agree. It's not your car yet, it still belongs to the lender until you pay it off. If they require you to keep it covered then it's their car to make that call with. Every car I've ever had a loan on had to have full coverage until it was paid off. You can call them and explain but I wouldn't hold my breath. __________________ 2010 2SS/RS M6 - CAI Intake - Borla Stinger - VTC - 3.91's Eibach Sways - LG ZR28's - BMR Springs - 285/35 Squared

02-08-2016, 07:40 PM	#23
HuJass Drives: GM Join Date: Mar 2009 Location: CNY Posts: 1,599 View My Garage	I talked to my agent earlier today. She was very surprised at this requirement. We live in snow country. EVERYBODY with a nice car takes them off the road during the winter and knocks the insurance down to just comp. My agent said there isn't any kind of reduced rate for the winter that would satisfy GM Financial's requirement of having collision. As a matter of fact, in order to put collision on the car, they have to put liability on it, too. If the AG can't do anything, I'll switch the car to either Grundy or Hagerty. __________________ 2015 Camaro 1LE 2009 Challenger R/T 2007 Solstice GXP 2004 Colorado ZQ8 2002 Trans Am WS6 Collector Edition 1999 Blazer 1994 Grand Prix SE B4U

02-08-2016, 06:31 PM	#15
HOJO Drives: 2014 Camaro SS/RS 1LE 1967 Camaro Join Date: Oct 2013 Location: Fort Wayne, IN Posts: 874	I only carry fire, theft and vandalism coverage during the winter. Credit union is good with that, but not at first. Had to speak with head of loan department and then provide proof of coverage in case something happened. Love my credit union.

02-08-2016, 06:53 PM	#18
Rainbow1616 Drives: 2011 Inferno Orange Camaro 2SS/RS Join Date: Nov 2011 Location: Pittsburgh, PA Posts: 1,368	If you send your plates in I see no reason why you need full coverage. This is common occurrence for a motorcycle weather financed or not. I have done it many times for a motorcycle. The insurance company even had a term for it calling it 6 months lay up or something like that. I see no reason why they wouldn't do the same with a car if you send your plates in.

02-08-2016, 07:17 PM	#19
dmcm494 Drives: 2011 2SS Camaro L99 Cyber Grey Join Date: Dec 2015 Location: Mill Creek, WV Posts: 16	My bank was good with. Fire, theft, and Comp. I had to call and explain. And my state doesn't require you turn your plates over as long as you maintain any kind of ins.

02-08-2016, 07:24 PM	#20
Jackass Doing what I like to do Drives: 1963 Landrover Join Date: Nov 2013 Location: Almost at the corner ! Posts: 667	Easy fix guys , I'm so surprised how no one knows how to go about this issue I'm with you OP , it's a very simple move that no one will try to call it BS Here it is , call my number and I will go into details about it Call me at 1800 PAYTHELOANFIRST

02-08-2016, 08:14 PM	#24
songsj Drives: 2015 2SS/RS Summit White Join Date: Nov 2008 Location: MPLS Posts: 804	I could be wrong but I cannot believe all of these people in snow country with 'Vette's ect. carry full coverage year round. I believe you need to keep fire, theft and comp on it and a letter stating you are not going to drive the car. Imagine keeping full coverage on your boat in Minnesota. Doesn't seem to make sense.

02-08-2016, 08:59 PM	#28
45thCamaro Drives: 2012 Camaro 45th Anniversary RS Join Date: Nov 2012 Location: New York Posts: 2,418	Any financing company is going to require you have full coverage. They have a monetary interest in the car, if your garage went up in flames and the car was totaled, they would have to come after you to keep paying the car payments to satisfy the loan. My car is paid off and I keep full coverage on it 365. My car sits in the garage and has like 4500 miles on it for almost 4 years