Q: How do I remove a commercial vehicle from my insurance? I still have title in hand because buyer has not made payments.
We had a handshake agreement for buyer(long-time friend) to pay for a commercial van. 2009 Chevy, agreement was $3500, 500/month, never paid. He was supposed to transfer plates and insurance to his name but didn't, so it is still on our commercial insurance. We do not have contact with him or know where he is. A few months ago, the vehicle was involved in a 4 car collision and he was at fault. We have to get him off of our insurance as soon as possible so we are not liable for him. Our insurance agent needs a bill of sale in order to remove the vehicle, but we don't have one since the vehicle was not paid off. We have been trying for several months to get ahold of him and negotiate with the insurance company, but we cannot seem to be able to reach an answer. Thanks for your help.
A: You should be able to get DOS to issue a new title certificate in the purchaser's name. Ask your County Clerk first, then call Nashville. Once issued send a copy to your agent, and try to deliver the title to the owner. Also that is probably a lease with option to purchase transaction, which is probably an exclusion from coverage anyway.
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