2007-02-08 04:38:24 · 7 answers · asked by aaa 2 in Cars & Transportation ➔ Insurance & Registration
Insurance covers damage to you or your car after you own it, and the liability to other drivers or property you may hurt while you are driving. It makes no difference to the insurance company how you obtained the car.
2007-02-08 04:50:10 · answer #1 · answered by jonmm 4 · 0⤊ 0⤋
Nope.
Not from a liability standpoint, because a free vehicle can cause as much damage as a vehicle that costs money. Also, not from a collision/comprehensive standpoint, because the insurance company would still be responsible for reimbursing you up to the vehicles "value" should you file a claim. Of course, collision/comprehensive coverage is optional.
I doubt if the insurance company will even ask you how much you paid for the vehicle. It simply is not relavent.
2007-02-08 12:59:28 · answer #2 · answered by sdatary 4 · 0⤊ 0⤋
It matters in the sense that...if there is no lein holder on the vehicle...you to are not required to carry full coverage insurance. You can carry PL/PD coverage. Where as, if you owe a finance company, you would be required to carry full coverage insurance.
However... understand that if you only carry PL/PD coverage, and your in an accident (your fault)...the insurance will only cover the property loss/property damage of the other person or property you damage. You won't get any money for your car..nor will they pay for any of your repairs.
2007-02-08 13:19:07 · answer #3 · answered by Shelly B 5 · 0⤊ 0⤋
Nope, just what the car is worth and your driving record.
2007-02-08 12:47:06 · answer #4 · answered by chefantwon 4 · 0⤊ 0⤋
Not at all. They don't care how much you paid for the car.
2007-02-08 14:18:25 · answer #5 · answered by Anonymous 7 · 0⤊ 0⤋
no one cares.. the difference is if you don't have a loan on it you dont need collision on it.
2007-02-08 12:44:40 · answer #6 · answered by Anonymous · 1⤊ 0⤋
No. They go by value, not purchase price.
2007-02-08 12:42:37 · answer #7 · answered by oklatom 7 · 2⤊ 0⤋