Car Inusrance?
Find answers to your legal question.
Car Inusrance?
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Can you get a liability insurance even though you are still paying for the car from the bank.
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Jennifer A
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You can get liability insurance whenever you want. However, when you signed your loan papers, you signed a insurance form stating you would carry full coverage insurance for the length of the loan. If they discover you are not carrying the proper insurance, they will insure the car for their protection. That will cost you about as much as your payment is per month. |
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NY1Krr
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If you still have a loan out on the car you usually are require to carry full coverage. You can try increasing your deductibles to the max allowed to save you some money in insurance.
If you took out a personal loan to pay for the car then you may not need to carry full coverage. The only way to know for sure is to call the bank that gave you the loan and ask them if you have to carry full coverage and if so, what are the max deductibles.
Since the bank has a lien on the car they can repo the car if you dont carry full coverage so make sure you check with them. |
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ambient73
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I think that you must have comprehensive insurance when paying off a bank loan on a car. Since liability only covers what you do to another car, person or property, the bank will mandate that you have insurance that covers their collateral(the car)from damage, theft and so on, as well as liability insurance coverage. |
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rex_rrracefab
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You have to have full coverage if you are still paying off a bank note, and usually the bank will require a small deductable such as $250. Untill you pay off the loan, you cannot get "liability only" insurance to save you some money each month. Best bet is to call the bank and ask. |
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cute_madison_man
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yes, your supposed to get the insurance before you can even pick up the car, let alone the money from the bank, unless your quick witted like me. |
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blb
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If you have a loan the bank is going to require that you have full coverage (liability, comprehensive and collision coverage). With some banks if you are in good standing with them and the loan amount is under a certain dollar amount they will let you drop the comp and collision from the policy. contact your bank to find out. |
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CarMan
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Sure. In fact, that's the way it's done most of the time. |
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