Can you switch to liability insurance during bankruptcy?
I’m currently going through bankruptcy and am surrendering my car. I have full coverage on it, but I’m wondering if I can downgrade to liability coverage since I’m not driving the car anymore until it’s picked up. Making this change would really help me save some money. Thanks in advance for your advice!
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Yes, you can typically change your car insurance from full coverage to liability coverage, even while in the middle of bankruptcy, as long as you still own the vehicle. However, since you are surrendering your car and aren’t driving it, it might make sense to look into reducing your coverage to liability to save money during this time. Just make sure to inform your insurance company about the situation, as they will need to adjust your policy accordingly. Keep in mind that if your lender has a lien on the car, they might require you to maintain full coverage until the surrender process is complete. Always check with your bankruptcy attorney as well for specific advice based on your situation.