Car Insurance....Full Coverage or Liabilty?
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Car Insurance....Full Coverage or Liabilty?
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Is it true...while your financing your car......if you only have liabilty insurance....the finance company will add a charge to your monthly bill because you don't have full coverage?
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mbrcatz
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Yes, they'll buy it for you. At about 10X the amount it would cost you. Then, they add that to your monthly payment. And if you don't pay the extra (typically $500 to $700 a month extra), they take your car payment that you DO pay, and apply it to the insruance first - making your car payment not happen, which gets your car repossessed. |
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shandebar
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If you read your agreement, most companies will consider yuo in default if you do not have full coverage. Read ti through really good to see if they require it, then call and ask if they put on a charge. |
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Queen B
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yes, they will plae the comp and collision on and you will pay for it. some finance companies will allow you to drop to liab only once you have a small balance left ont eh car, usually below $1000 left that you owe. read your contract carefully. them placing the coverage usually costs you WAY MORE than you having it on your policy |
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LINDSEY G
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Yes. You have to have full coverage insurance if financing a vehicle. When you get insurance on the car the insurance company submits the policy to the financial institution. If you don't go out and get insurance the financial institution will force you to use their insurance. |
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Brenda
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When I financed my truck, the financial institution that I wen through made me have full coverage. |
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welcome news
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In the UK the finance company (under an HP agreement) will insist on comprehensive insurance. (They may suggest GAP insurance as well - but you can buy that online independently much cheaper)
If you take out a personal loan (usually cheaper) then there is no such requirement - but if you write-off your car then you still have to pay off the loan and would need another loan to buy another car. So I would not recommend reducing cover. |
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Chef Michael
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True, finance company have to secure their investment. |
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