Will your insurance go up if you voluntarily give up your car?

Answer

If you give up your car, cancel your insurance, as you don't need insurance if you don't own a car. If you are talking about a voluntary repossession, the answer, is possibly, on another car. A repo is a repo, no matter if it is voluntary or not. Your credit will be damaged for 7 years, and this may effect you insurance rates. Don't do it or let it happen. Contact the lender and work something out if possible.

First answer by Clay. Last edit by Clay. Contributor trust: 3516 [recommend contributor]. Question popularity: 32 [recommend question]