collateral loan no insurance?

[buck440]

if i were to put a vehicle up as collateral and it was uninsured in a garage that is covered by insurance and could proove that it was not driven due to not being home would i be able to get by without full coverage for the car?

[TheLane]

That good sir is up to the lien holder.

Us here at USAA due to being a military bank allow our members to hold only comprehensive (storage) coverage on the piece of collateral if it is not being driven.

(primarily due to the fact that our members get deployed frequently)

But i do know that a LOT of lending institutions do not allow this.

[buck440]

that's pretty much what the plan is in the near future. just seemed kinda crappy paying full coverage on something your not driving. so usaa does do that, that's helpfull. thanks.

[TheLane]

Ah if your deploying make sure you take advantage of SCRA (Soldiers Civil Releif Act).

They will lower all your credit card rates ect while your deployed.

If you call USAA a deployment specialist will help you set up all this stuff ( and its all free :D, nice thing about USAA....everything is free)