2007-09-17 09:24:07 · 7 answers · asked by Cutie 1 in Cars & Transportation ➔ Insurance & Registration
If you borrowed from a lending institution or company, yes. The lender will also have to be named as the principal beneficiary in case the car is totalled.
2007-09-17 09:28:28 · answer #1 · answered by Tom K 6 · 2⤊ 0⤋
If you are still making payments then the lender technically owns your car until it is paid off. Because of that, they require that you have collision and comprehensive coverage so that they don't lose out on their investment.
You may even want to consider gap coverage. This is in case you are in an accident and your car is totaled. The insurance will only pay the actual value of the car, not what you still owe, unless you have gap coverage. You don't want to get stuck paying for a vehicle you can't even drive anymore. :-) Something to think about.
2007-09-17 13:20:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, you are required to have "full coverage" insurance if you are making payments (leasing or financing) for your car. This protects the bank's interest in the car if something would happen to it before you pay it off.
2007-09-17 09:30:54 · answer #3 · answered by Jonas M 2 · 1⤊ 0⤋
yes you do have to have full coverage insurance on your car.
2007-09-17 09:29:32 · answer #4 · answered by cindy l 1 · 0⤊ 1⤋
Yes, it is usually a part of your contract with the finance company. It protects their investment and yours.
2007-09-17 09:31:47 · answer #5 · answered by fangtaiyang 7 · 1⤊ 0⤋
Yepper, it's not yours until you finish paying it off.
2007-09-17 09:31:19 · answer #6 · answered by peaches6 7 · 1⤊ 0⤋
I think so
2007-09-17 09:31:39 · answer #7 · answered by Anonymous · 0⤊ 1⤋