Can I switch to liability insurance while going through bankruptcy?
I’m currently in the process of bankruptcy and am surrendering my car, which I have full coverage on. Since I’m not driving the car until it’s picked up, can I reduce my insurance to liability? It would really help me save money. Thank you!
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During bankruptcy, you can typically adjust your insurance coverage, including switching from full coverage to liability only, especially if you’re not driving the car. However, it’s important to review the terms of your bankruptcy case and consult with your bankruptcy attorney to ensure that you’re in compliance with any requirements related to your creditors or your bankruptcy plan.
In general, if the vehicle is being surrendered and you’re not using it, reducing your coverage could be a reasonable financial decision. Just keep in mind that you will need to maintain minimum liability coverage as required by your state until the car is officially out of your possession. It’s always best to double-check with your attorney to make sure that any changes will not affect your bankruptcy proceedings negatively.