Do I have to have a $500 deductible or can i get $1000 so its cheaper for me. I live in maine.
2007-03-23 07:00:21 · 9 answers · asked by john 3 in Cars & Transportation ➔ Insurance & Registration
You can have whatever deductible you want, however, in most finance contracts it states you must have full coverage insurance on the vehicle. I would check your contract to be sure.
2007-03-23 07:08:35 · answer #1 · answered by bvonlobs 2 · 0⤊ 0⤋
anytime something is financed you have to insure the financing institution's asset! Also if you end up needing to use the insurance claim the $1000 deductable is going to be hard to cough up! I have a friend who was rear-ended and didn't have insurance so she's responsible for getting her bumper fixed and has a $1000 deductible which is more than the new bumper....so I'd go with the $500..in most cases if you sign up they automatically put it on the median of the 3 ($250, $500, and $1000)
2007-03-27 10:49:12 · answer #2 · answered by kalypsokitty 3 · 0⤊ 0⤋
Depends on what you want. If you expect you can manage to stay out of wrecks (you have good defensive driving skills), and can handle a 1000 dollar deductable, go for it.
If you are worried you will get in a wreck, and you cant take the 1000 dollars you'd have to pay if you did, then go with the 500. It all depends on what you want in your insurance.
2007-03-23 14:08:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes u would have to have comp, and coll in order to get the veh. Most car lots require that. And u can choose what ever ded u want.. If u want cheap go with a higher collision ded since that is the most expensive part of your premiums.. Generally a 1,000 coll ded, and a 250, or 500 ded on comp will give u pretty cheap premiums.. U can go anywhere from 0,50,100,200,250,500,1,000,1500 ded's... But most lenders may require at least a 250, or 500 ded.
2007-03-23 19:00:20 · answer #4 · answered by D.L. 4 · 0⤊ 0⤋
You are required to carry full coverage when financing a vehicle. Whether you carry 500 deductible, that's up to you how much you want your deductible to be, and what you can afford.
2007-03-23 14:33:30 · answer #5 · answered by fisherwoman 6 · 0⤊ 0⤋
It depends on your finance contract. Many of them specify the deductible for collision/comprehensive. If not, and you can handle the $1,000 deductible in the event of a claim, then you are free to take it. But remember, you will have to come up with that $1,000 for a claim for which you are responsible for the deductible.
2007-03-23 16:01:46 · answer #6 · answered by Fred C 7 · 0⤊ 0⤋
Yes, you need full coverage. Most lenders will allow a $1,000 deductible, but you should check with them first.
2007-03-23 16:33:12 · answer #7 · answered by Nate W 5 · 0⤊ 0⤋
You need to do whatever the lender requires. Ask them, not us since we don't set the rules for them.
2007-03-23 14:37:33 · answer #8 · answered by oklatom 7 · 1⤊ 0⤋
yes you do-any car that is not paid off, you must keep full coverage.
2007-03-23 15:31:36 · answer #9 · answered by buzyb 4 · 0⤊ 0⤋