I recently took out a loan for a car, I want to take out another loan from another financial institution to pay off the loan for the car because my monthly payment will be cheaper. If I do this do I still have to have full coverage insurance on my vehicle? I dont know that it matters but I live in the state of Nebraska.
2006-06-07 06:44:27 · 4 answers · asked by ♥♫♥ Crystal ♥♫♥ 4 in Business & Finance ➔ Insurance
The only reason you would need to keep full coverage on your car is if you use if for collateral on your new loan. If your not, you don't need full coverage.
2006-06-07 06:48:18 · answer #1 · answered by mommafrog 3 · 3⤊ 1⤋
You need to look at your ins statement to see how much you're paying for full coverage. It's usually not that much if you choose larger deductible. If you can afford it, probably keep it in case you need it particulalry the car is less than 5 years old.
2006-06-07 06:54:08 · answer #2 · answered by spot 5 · 0⤊ 0⤋
I think you do until its paid for...depends on the Fianace Co and the year of the car.
2006-06-07 08:41:08 · answer #3 · answered by snack_cake2006 2 · 0⤊ 0⤋
no doubt you do
2006-06-07 06:48:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋