If I'm purchasing my car can I get liability insurance?

Question

I'm being financed through Chase Auto. In the beginning, they told me I needed full coverage because I hadn't yet purcased it. Now I have bought another car and I can't afford to pay full coverage and liability. Will there be any penalty?

Answer 1

Are you still making payments on your auto? If yes, then your lien holder (chase auto) will require you to have full coverage on your car.

If you drop the full coverage, your carrier will notify the lien holder. They will probably tack on some additional monies to your monthly payment for insurance coverage.

It will be cheaper in the long run to pay for the full coverage rather than the full cost of repairs should anything happen to your vehicle.

Answer 2

If the car you bought is financed then it has to have full coverage on it ,as the lender requires it to cover there interest in the car. If you buy just liability and the lender finds out they may purchase full coverage and charge you for it. They wont shop around for the cheapest either.Also if you don't have full coverage you are in violation of your finance agreement with the lender...............UJN

Answer 3

Collision is manditory if you owe money on the car, otherwise you are good with just liability

Answer 4

Generally whenever you finance a car the bank loaning you the money wants you carry full coverage. This is to cover themselves as well as you in case something happens to the car and you dont want to pay for a car you no longer have. Picture it-The car gets totaled in a wreck or stolen, without full coverage you are still going to have to pay for that loan.

So most banks require you to carry full coverage as long as you are still making payments on the vehicle.

Answer 5

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