When you buying an auto insurance for an used financed car?

Question

I know you must get the full coverage.. but what exactly does that mean?

can you get the lowest level of everything and choose the expensive deductible as long as you have covered all that are needed for the insurance required?

or must you get the "premium coverage" with like 100000 for motorist and stuff which isn't worth it.

Answer 1

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Answer 2

you can get basic comprehensive with a low or high deductible. But keep in mind if your car is damaged then you would have to pay that larger deductible before they pay anything.

Also, some have specifics (check your contract) where you have to have only like a $500 deductible or soemthing.

Answer 3

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Hope it works out

Answer 4

You need to ask the finance company what their insurance requirements are.  Many finance companies have a cap on how high your deductibles for Comp and Collision can be and require a specific amount of liability coverage as well.  So you should check with them first, and preferably ask them to give you something in writing showing how much coverage they require, then talk to your agent about getting the right amount of coverage on the car.  

Answer 5

Legally you have to have liability coverages, per your loan company they require you to get comprehensive and collision coverages.  Liability coverages cover damages and injuries you cause to other people or things by fault of your own, or defend you if its not your fault and someone is claiming it is.  You can pick any limit you like however keep in mind that if you pick a $5,000 property damage limit, and total a car worth $25,000 you will owe $20,000 yourself.  Or if you pick $20,000 bodily injury and someone sustains $100,000 worth of medical bills, you owe anything over the $20,000... so bear that in mind when picking limits.  As for comprehensive and collision, these basically pay you the cost of repair if your vehicle is damaged (less your deductible) regardless of fault.  The loan company has you get this so they can make sure their car is protected.  They may require a certain deductible but you'd have to ask them that.

Answer 6

It depends on who gave you the loan. My dad cosigned for me and because of his great credit score, they let me get high deductible.