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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41221
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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Financed a used truck June 9th 2013. Thought boyfriend put

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Financed a used truck June 9th 2013. Thought boyfriend put full coverage on vehicle but did not. Went from June 9th-August 30 without insurance. Vehicle is now fully insured. Lending agency want me to pay $3000 + for coverage and up my payments from 398 to 459 per month. 3 questions: 1. If they are providing coverage do I still have to carry mine? 2. I have never lapsed on coverage since owning a vehicle, can they charge me $3000 + 2 months of coverage? 3. Since I now have full coverage, is there anyway I can pay the past due coverage amount instead of the full $3000

Thank you for your question. Please permit me to assist you with your concerns.

I am genuinely sorry to hear that you are in this predicament. Please allow me to answer honestly and directly. If the information is not quite as you hoped, please do not blame the messenger.

To answer directly:
1. Your coverage and their coverage is separate. They placed coverage to protect their investment from loss, it is a separate coverage that you obtain as part of your own coverage for the vehicle. Plus, a vehicle cannot be operated lawfully without he owners actually carrying insurance, so you cannot make the lender cover those costs (or they will find the most expensive policy to cover the deficiency and make you pay for it, or instead claim you to be in breach and try to repossess the vehicle for violating the terms).

2 Yes, they can, I am afraid. They can charge you that amount IF that is what the coverage cost OR if that was the amount disclosed in your contract your would be charge if you failed to cover the vehicle on your own. You can, however, contact them and demand that they provide you with evidence and proof that the charges are valid and were in fact borne by the lender in this instance.

3. That amount (the past due coverage), is not owed to the lender, it is their cost to cover your insurance to a third party. If you can compel them to provide you their real expenses you could try to pay less, or you can likewise negotiate with them to see if they are willing or able to take less from you. But they do not have to agree to less, it would be at their prerogative.

Good luck.

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