2007-06-01 07:55:52 · 13 answers · asked by fun_easyintelligent 2 in Business & Finance ➔ Insurance
Yes, because if you total your car, the bank or lendor wants the money that the car is worth.
2007-06-03 16:25:46 · answer #1 · answered by Angel girl 4 · 0⤊ 0⤋
yes it is required to carry comp and collision if u are leasing or financing. some banks also have requirements on what the deductibles can be too. if u are buying a brand new car (like an 07) u might also want to consider gap coverage, which makes sure even if the car is depreciated that the bank gets the total pay-off of the loan. some banks require that u carry this too.
2007-06-01 09:53:48 · answer #2 · answered by My Pits A Lover Not A Fighter 5 · 0⤊ 0⤋
you may take the finished coverage off, however the lender will locate out. the clarification your money are so severe isn't inevitably through coverage you have, it is considering the fact which you're in a severe danger organisation. Geico is for individuals with the two very undesirable credit, undesirable driving records, or the two. If neither of those prepare to you, then change companies! bypass with a typical organisation like Allstate, or progressive, call around and get some quote from self sustaining brokers.
2016-11-03 08:16:48 · answer #3 · answered by ? 4 · 0⤊ 0⤋
there is no such thing as full coverage.
what the finance company wants you to do is add
physical damage insurance, which is comp and collision.
if you didnt have a finance company then all that would be required is liability insurance.
So your policy could look like this if your car is financed:
liability: 15/30/10
Uninsured motorist: 15/30
Uninsured motoris property damage: 3.5
Comprehensive: 500 deductible
Collision: 500 deductible
2007-06-01 10:08:54 · answer #4 · answered by Sergio G 1 · 0⤊ 1⤋
YES !! I would even get gap coverage, it will cover the amount between what you owe and what the insurance settles for in a total loss accident of you end up paying the difference.
2007-06-02 13:53:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, it's part of the loan agreement that you sign when you finance the car.
Assuming by "full coverage" you mean, liability, collision and comprehensive.
2007-06-01 08:03:45 · answer #6 · answered by Anonymous 7 · 1⤊ 0⤋
Yes
Check with your financer to see if they require a min. deductible for Collision coverage.
2007-06-01 08:02:16 · answer #7 · answered by Nate W 5 · 0⤊ 0⤋
Yes. Whomever is financing the car will require it of you. They want to be sure that if it is stolen or totaled they will get their money.
2007-06-01 08:03:36 · answer #8 · answered by Deb S 6 · 0⤊ 0⤋
No full coverage, no financing.
2007-06-01 07:58:53 · answer #9 · answered by TedEx 7 · 0⤊ 0⤋
It is almost always a requirement, but check with the lendor.
2007-06-01 07:59:14 · answer #10 · answered by New Dog Owner 4 · 0⤊ 0⤋