Well, you wouldn’t get Collision or Comprehensive, and you need both for a BMWFS lease. Your contract will have the exact language and requirements for your lease, but it’s pretty boilerplate and should say something like this. You’d be in violation of your lease, and technically be in default for not holding the proper insurance on your lease. At that time, BMW would be allowed to terminate your lease or repossess the car, or anything else they are legally allowed to when your car is in default.
insurance companies are required to notify of any changes. So they’ll know in a month max.
First you’ll get a letter notifying you that you have insufficient coverage to your contract. Then … idk what happens never seen anyone go that far lol
You need to find a broker that has options in non standard markets until things clear off of your record. They do not specialize in higher end cars and limits typically, but someone should want the risk at the right price.
They may assign insurance to him on his behalf…at an exorbitant cost.
I remember this happened to me once. I switched carriers, but didn’t tell the lessor I did so. I got the letter in the mail indicating that I didn’t have coverage, and needed to get it immediately. I don’t recall the specifics behind it, but I was busy, and didn’t send proof into them. About a month later, I got a bill for my “new” insurance through them, which was enough for me to immediately drop what I was doing and get it straightened out.
Donate a shit-ton of plasma, Get a 2nd, 3rd and 4th part-time job, see if you can get an Uber multi-ride discount, sell a kidney, invest in a bus pass.
There’s obviously something more going on here then we are being told. I find it hard to believe that one can have four accidents in this timeframe without driving recklessly all the time. There are probably numerous moving violations involved as well and it all finally caught up to him.
He would be hit with “forced placed” insurance solely to protect the lender. The cost would indeed be exorbitant and would solely benefit the lienholder (i.e. he couldn’t file a claim if he causes more damage - the sole purpose would be to protect the collateral for the lienholder). If he doesn’t pay the premiums, then they will go into very aggressive collections, further damaging OP’s credit and making future insurance even more difficult to acquire. Solution (as stated above): offload the car (even if at a loss), buy something cheaper for cash, and wait out the poor claim history. Only other option is to pay the ~$1,700/month for the full coverage policy.
