It depends on how important your credit is to you. If it gets repoed, they can still sue you for what you owe on the car and it will be on your credit for at least 7 years. If they sue you and get a judgement they can garnish your pay. Why don't you call the creditor and see if they will work out a settlement. If you know who the insurance was with you can still file a claim. Call the insurance company and tell them you need to file a claim and ask how to proceed. Either way you are screwed, so I would try to minimize it.