Do you have to have fully comp insurance if you buy a car on finance?

Question

Do you have to have fully comp insurance if you buy a car on finance?

Answer 1

Yes, nobody will finance a car unless they are SURE they will get paid off if something happens.

Answer 2

yes, on all financed vehciles with at least a 1000 dollar deductible. Besure when you get your quote, to ask for the 1000 dollar deductible. It makes it cheaper, however makes it more expensive if you ever wreck the vehicle.

Answer 3

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Answer 4

You'll need to check the insurance requirements on your financing contract. It will tell you exactly what coverage you need.

Answer 5

If you finance the car through the dealership or through a bank as an auto loan, YES.  However you may try going and just getting a personal loan, which the rate would proably be higher but then you wouldn't have to have full coverage.

Answer 6

Yes.

Answer 7

Yes, you do.  Would you keep making payments on a totalled car that only carried liability?

Answer 8

Yep.

Answer 9

Yes you do need it. it guarantees they get paid if you wreck your car.  If you don't get it and they find out, which they will

anyways years ago it was like 500.00  a month and they just tack it on to your payment.  They don't care that you can get if for a lot less they want to be sure they get their money.

Answer 10

Most likely yes.  The prob is that even if you get by with dropping the ins. below full coverage, then if you are in a wreck, the bank or finance co. will make you responsible for paying the entire balance owed on the car.  So, it is not wise to do that.