i have a loan through capital one outo finance and what kind ofinsurance should i get ... what is the least amount that i can get for my new car
2007-03-21 16:55:47 · 3 answers · asked by gokahan20035 1 in Cars & Transportation ➔ Insurance & Registration
Capital One will require you to carry a MINIMUM deductible of $500 on comp & collision, preferably with a deductible waiver option on the collision. You should also purchase GAP insurance or be sure your insurance company offers a "new car replacement" coverage in the event your car is a total loss...not many carriers offer this, and it's only available for the first 3 years you have the car. You should purchase rental car coverage at minimum $30/day. Your liability coverage should be at MINIMUM enough to cover your personal assets.
If you want MEDPAY/PIP coverage, get that too. Also be sure to purchase UM/UIM coverage.
2007-03-21 17:55:05 · answer #1 · answered by bundysmom 6 · 0⤊ 0⤋
In order to drive at all, the state requires you have liability insurance. You MUST have that.
If you borrowed money on the car, the finance company will require collision and theft insurance. Make sure that includes "gap insurance" so the insurance will pay off what you owe on the car, rather than its blue book market value (which may be below what you owe.)
NEVER owe money on a car that's out of warranty. If it breaks down, you owe the money.
If anything "happens" to the car and it's not insured, YOU OWE ALL THE MONEY. That's how this works. Being cheap on insurance can leave you owing tens of thousands of dollars and having nothing to show for it!
2007-03-21 17:35:56 · answer #2 · answered by Wolf Harper 6 · 0⤊ 0⤋
You need liability insurance. If your car is new, get collision insurance. If it's more than five years old, don't get it.
Uninsured Motorist would also be good to have. Another small coverage would be rental reimbursement (if you have to rent a car while your car is in the shop after an accident).
The minimum you can get through a non-preferred company is $15,000/30,000, though if you have any assets at all (i.e. what can be taken away from you in a lawsuit), I would recommend at least $100,000/300,000 liability.
2007-03-21 17:00:05 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you have a loan you have to have collision and comprehensive, not just liability.
2007-03-21 18:51:34 · answer #4 · answered by Fred C 7 · 0⤊ 0⤋