i am in texas if any one can help let me know
2006-12-17 12:15:10 · 11 answers · asked by Devon 1 in Cars & Transportation ➔ Insurance & Registration
Nope..
Minimum liability insurance is state regulated and independent of
the value / cost of the vehicle...
Comprehensive / Collision insurance is a financiers / sellers requirement and usually is required to cover the full value of the vehicle...
2006-12-17 12:25:00 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I suggest one to try this web page where onel can compare quotes from the best companies: http://insure-cheap.info/index.html?src=3YAnbhdjMG82
RE :Is it true when purchaseing a vehicle if the cost is under 7000 you dont have to have full coverage insurance?
i am in texas if any one can help let me know
Follow 16 answers
2016-11-25 10:05:57 · answer #2 · answered by ? 6 · 0⤊ 0⤋
At - INSURECOMPARECAR.INFO- you can compare free quotes
RE Is it true when purchaseing a vehicle if the cost is under 7000 you dont have to have full coverage insurance?
i am in texas if any one can help let me know
2014-09-01 15:33:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I recommend one to visit this site where onel can compare quotes from the best companies: http://cheapinsurancequotes1.info/index.html?src=2YAhkN9djb08chU
RE :Is it true when purchaseing a vehicle if the cost is under 7000 you dont have to have full coverage insurance?
i am in texas if any one can help let me know
Follow 15 answers
2016-08-22 19:58:55 · answer #4 · answered by ? 6 · 0⤊ 0⤋
as long as you finance the vehicle you have to have full coverage on it, you could go out and buy a $40,000 car and if you pay cash for it all you would need is basic coverage if you so choose. Once you have your car paid off you are no longer required to carry full coverage insurance.
2006-12-17 12:44:39 · answer #5 · answered by mister ss 7 · 0⤊ 0⤋
That's up to the lender. In virtually all cases, the lender will require full coverage. It's not a matter of law, it's the contract that you have with the lender that requires full coverage.
If you own the vehicle outright, it's entirely up to you how much coverage (beyond the mandatory minimum liability of course) that you have.
2006-12-17 17:19:09 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you are buying the car out right meaning you are not financing any portion of it then you do not have to have full coverage. (I strongly recommend it though) If you are financing any amount then the bank or finance company is more than likely going to require it as they have to cover their interest. If you do not obtain insure and they've required it they can add their own insurance which would not satisfy any legal requirements the state as for insurance and would not cover you only the banks butt.
2006-12-17 12:25:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I'm in Alberta, Canada, I dont' knwo how different the laws are, but here you don't, I payed $1000 for my truck (I pretty much stole it, on resell I could easly get $5000), I have just the basic PLPD (public liability, property damage [i believe thats what it stands for, if not something close]) with Million Dollar coverage. Here you just have to have insurance.
2006-12-17 12:21:18 · answer #8 · answered by gregthomasparke 5 · 0⤊ 0⤋
I don't believe the cost has anything to do with it. If you have a lienholder you have eto carry comprehensive and collision regardless of the cost. If you own the vehicle free and clear you don't have to carry that coverage regardless of the cost.
2006-12-18 09:23:44 · answer #9 · answered by Chris 5 · 0⤊ 0⤋
i think it depends on the state but most insurance companies want full coverage insurance if financing regardless of value.
2006-12-17 12:24:02 · answer #10 · answered by sade b 1 · 0⤊ 0⤋