if you buy a brand new car do you have to get full coverage insurance atleast a year?
is it mendatory by law?
2007-02-15 11:07:58 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
im not financing it
buying it with cash
2007-02-15 11:29:08 · update #1
If you're paying cash for it, then no. But why wouldn't want your new investment protected?
2007-02-15 14:07:37 · answer #1 · answered by bundysmom 6 · 0⤊ 0⤋
No. Depending upon what state you live in you will probably only be required to purchase liability or no fault only. Collision and comprehensive coverages only protect your vehicle. Here's some helpful advice: insurance costs FAR less than a new car. You'll remember this after someone steals it.
2007-02-15 22:05:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In Louisiana you have to have at least liability coverage by law! And if you finance the vehicle, you have to have full coverage the entire time the vehicle is financed. Then after it is paid off, you have the option to drop to liability only.
Check with your insurance agent for rules in your area.
2007-02-15 19:12:08 · answer #3 · answered by jen 4 · 0⤊ 0⤋
Depends on the state if you OWN the new car. If there is a lein (you got a car loan) then the bank requires you to carry full coverage for the life of the loan. (until you pay the loan off)
2007-02-15 20:52:32 · answer #4 · answered by sfcjcl 5 · 0⤊ 0⤋
Mandatory for FULL coverage throughout the life of the auto-loan.
Once you pay off the car you can reduce your coverage.
If you reduce your coverage while you're paying for the car, the lien holder will slap full coverage on FOR YOU and add whatever it costs to the tail end of your auto loan.
.
2007-02-15 19:11:07 · answer #5 · answered by rob1963man 5 · 0⤊ 0⤋
The finance company requires that you have full coverage to protect their investment.
2007-02-15 19:13:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋
paying cash, it's up to you what insurance you put on it, if you finance, you have to have full coverage until it's paid off.
2007-02-15 20:37:36 · answer #7 · answered by mister ss 7 · 0⤊ 0⤋
depends on the state
2007-02-15 19:10:03 · answer #8 · answered by Mikey b 2 · 0⤊ 0⤋
depends on where you live
2007-02-15 19:10:04 · answer #9 · answered by 1.2..3...Boo 4 · 0⤊ 0⤋