Car and Insurance Coverage?

Question

I recently purchased a car, to finance a car and make monthly payments doesn't your car have to be insured? When making payments does it contain some kind of insurance, if so how much and what kind??

Answer 1

You are responsible for carrying your own comprehensive insurance on a financed vehicle.  If you do not get your own insurance, or you let it lapse, the lien-holder will purchase the required coverage for you and bill you for it at EXORBITANT rates.  Better to get your own!

Answer 2

You need to call your insurance company and if you don't have one, find one.  You are required to carry full coverage auto insurance if you finance a vehicle.  The finance company does not provide the insurance or include it in your payments.  They will want you to send them proof of insurance.

You need to compare a few quotes online to find an affordable insurance company and get your policy started asap or your finance company will be contacting you.