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Vehicle finance

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Visitor
I wanted to cancel my insurance with miway because of financial strains im having and i was told that i can not because my car is still financed...how true is that?
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Community Coordinator

Hi Blessingsmasala,

 

That doesn't sound correct, did they say that you have to be insured with them or you can look for cheaper alternatives?

 

Regards,

Standard Bank Team

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New Contributor

I was told the same thing by King Price. The only thing i was offered was reduced premiums, but extremely high access. I just stopped paying.

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New Member
One of the conditions for a bank financed vehicle is that, it should be comprehensively insured. You do have the freedom of choice to find another insurer for your car but the Bank needs to be notified as they have their interest noted on the current policy. So, in this case, your finance provider will need to be made aware of your intention to cancel the current policy but will allow it once a replacement and confirmed policy is provided. You cannot simply cancel and drive without cover as this will be in breach of your credit agreement with the Bank.
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New Contributor
Hi, so would that mean the bank has the authority to offer/ impose car insurance? If you had already canceled one.
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