If i get cheap insurance on my leased car, can the bank find out and reposess it?

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Kizzy	You signed a contract when you leased that vehicle to carry the amounts specified. If you don't have it, you've broken that contract and they can take the vehicle back & you would still owe on that lease or they can add the insurance to your contract in which your payment would be higher. Was this answer helpful to you? Yes / No

RD	no, they will not reposess it. The insurance company has to send proof of coverage to your bank. If they do not find that the insurance coverage you have is acceptable, they will bill you for their own insurance coverage, which is VERY VERY expensive. It is your obligation to carry coverage ...and they force you to one way or the other. Was this answer helpful to you? Yes / No

Wolf Harper	Hey, you got a nice car and that requires you pay for it in all the ways you must. If you don't want to pay for it, turn it back to them and get something else you DO want to pay for. It's always useful to look for ways to save money, but turning off your comprehensive coverage won't save you anything. At worst, the car will be damaged, the insurance will have lapsed, and guess who pays? YOU! Was this answer helpful to you? Yes / No

PENELOPE	Yes the insurance company has to send a binder to your bank, so they will find out and once they do they will add forced collateral insurance and thats expensive. Was this answer helpful to you? Yes / No

ronimg	when they find out they will add collateral insurance to your payment - that protects them and does not protect you in any way. and you will end up paying the same or even more to their insurance. Just get full coverage -- i know its expensive but we all have to do it. keep shopping around for a policy that you can afford. Was this answer helpful to you? Yes / No

oklatom	Yes, if you don't do as you promised in the lease, the bank has the choice to add their own insurance coverage and bill you for it, which you can bet will be higher than what you could find yourself, or declare you in violation of the terms of the lease and demand you pay them off and take the car from you. You should have factored in the cost of the insurance coverage before you said "yes" to the lease. Too late now. Was this answer helpful to you? Yes / No

kja63	In NY State, the insurance company won't allow you to remove comprehensive and just carry collision if you don't own the vehicle outright. Was this answer helpful to you? Yes / No

lepr0kan	Technically as long as you are not fulfilling the terms of the contract they can repo the car such as not keeping it properly insured or just not paying the bill. The insurance company must provide a copy of the insurance biner to the leasing co so they'd find out. The main problem you would have is that if anything happened to the car that was your fault and it wasn't properly covered you would still be responsible for paying the remaining balance owed. And since this is a leased vehicle that would include the remaining lease terms plus the purchase of the car after. Was this answer helpful to you? Yes / No

B	The insurance company hase to provide proof of insurance to the leasing company. If they do not, or it is not enough, the leasing company will tack on their own insurance and your monthly payment will go up. Word of advice, as expensive as complete coverage is, the amount the leasing company will tack on will be WAY higher than any you find yourself. Was this answer helpful to you? Yes / No

foxychick24	You MUST have the insurance which was agreed upon at signing of the leased vehicle. The primary reason for this is because you technically do NOT OWN the vehicle, the bank does. They have financial interest in the vehicle (since they own the title for the car). The bank could DEFINITELY find out that your coverages are not sufficient and they would then either: #1 force you into some high priced insurance at their terms (if you are lucky) OR #2 repossess the car. I work for an insurance company and lease and lien companies DO CALL the insurance company to verify coverage. They WILL FIND OUT if it is not properly insured. So my advise is to insure the vehicle to the agreed terms. Was this answer helpful to you? Yes / No