i used to lease a car and they forced me to buy comprehensive. is it the same for financing
2007-10-10 10:30:42 · 5 answers · asked by Anonymous in Business & Finance ➔ Insurance
Yes, because it protects their investment. If you total your car, you don't have a whole lot of incentive to keep paying on it.
2007-10-10 10:33:08 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You betcha. Your lienholder wants to make sure their investment is completely covered.
But Comprehensive coverage is a good thing have. It covers theft, vandalism, hail, animals, parking lot dings, and basically anything else you have no control of that could damage your car.
2007-10-10 12:05:22 · answer #2 · answered by Nate W 5 · 0⤊ 0⤋
Yes. You will need comp and collision coverage. Comp will protect you (and the finance co) from acts of God/nature, theft and vandalism. Collision will protect you (and the finance co) from damage sustained in accidents your car is involved in.
2007-10-10 10:35:35 · answer #3 · answered by drivelikejoewho 2 · 1⤊ 0⤋
Yes.
Collision coverage applies when you collied with something (such as a building, fixed object, pot hole, another vehicle.) However, it does not cover everything that can happen to your car. Comprehensive covers those things (such as: flood, theft, fire, vandalism, glass breakage, hitting a deer or other animal).
2007-10-10 11:58:00 · answer #4 · answered by Boots 7 · 0⤊ 0⤋
Yes. Comp is fire and theft, along with a few other things. All leases or car loans will require you carry comp, AND collision.
2007-10-10 15:18:59 · answer #5 · answered by Anonymous 7 · 0⤊ 0⤋