I am 22 and I am a first time car buyer. I was told by my bank (who I got a loan through) that I would need to bring proof of insurance when I meet the the car owner at my bank tomorrow. I am insured for my mom's car now, so does that count?? And also, I wanted to know if you could gice me suggetions on which companies to choose?? I have no idea where to start to look for my own insurance. Thanks!!
2007-03-26 12:52:39 · 4 answers · asked by Essie 6 in Cars & Transportation ➔ Insurance & Registration
You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did.
Go to: http://www.insureme.com/landing.aspx?Refby=616165&Type=auto
Take care,
Casey
2007-03-27 02:47:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your mothers policy will not do you any good for this situation. You need to have a policy on the car you are buying and the bank has to be listed on this policy as a lienholder since they are a co-owner of the car until you pay it off.
I would suggest that you go to an independent agents office as they will write coverage for more than one company and they will be able to give you price quotes from more than 1 company than you pick the best rate. You will need to get "full coverage" to cover any physical damage to the car.
You can an independent agency in the phone book. In order for them to quote you prices you will need to have the VIN number of the car, your Drivers License # and the banks address. Of course you will also need money to pay for the policy. Most policy will require at LEAST 2 months of premium to be paid up front before coverage will begin.
Without knowing what state you are in it is hard to suggest a good company. I would say that there are a lot of good little companies out there so you don't have to go with the big guys. Get the best price.
Good Luck
2007-03-27 00:58:27 · answer #2 · answered by fighting saints 6 · 0⤊ 0⤋
No, your mom's account doesn't work. They want you to have the insurance documents for this car you are financing, in your hands at the meeting. You will need to contact companies getting quotes, then set up the policy, showing the lender as the main beneficiary, meaning, the lender would be paid first, with you following. Unless you do this online, you will never make the deadline tomorrow. There are lots of insurance co's, get out the yelllow book and start dialing. You'll need full coverage, comp/coll, depending on your loan, you may want to invest in gap coverage.
2007-03-26 23:22:26 · answer #3 · answered by fisherwoman 6 · 0⤊ 0⤋
Every state has it's own set of rules! Being on your mom's insurance only covers the vehicle she has insured. You would have to add yours to the policy!
Again, state by state on companies but Geico and Progressive seem to be the forerunners these days when it comes to price! Unitrin Direct also!
2007-03-26 20:40:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋