Full coverage or liability??
Find answers to your legal question.
Full coverage or liability??
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I purchased a new car last year and some unexpected financial came up this year and I can no longer afford my almost $200 full coverage insurance. Is it ok to just have liability for a car that I still have a loan on? Is this acceptable from the DMV when I try to renew my registration?? Please help me out.
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Marc
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You MUST have full coverage on a financed vehicle. If you try to get by with changing it, the bank will add their own coverage and you won't like the rates. They have the right to have their property protected. |
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Kelly
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definitely full coverage on a new car.... but almost $200?!? I'm only a 22 yr old female and I drive a mustang and my full coverage is only 90 bucks a month. I don't know your situation, but I have a clean driving record so I don't know if maybe thats why your paying so much. My advice to you is if your young, and thats why your paying so much, they do it for a reason and its probably a good idea to keep it. The best thing I have to offer is to really call around and get some quotes. Also If your a dependent with anyone military, call USAA they give great quotes. |
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Dr. Gonzo
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new car?
Full coverage |
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rkered
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Whatever financial trouble you have, you really should keep full coverage on a newer vehicle. Say you are driving home and a deer jumps in front of your car, you swerve and nail a tree, totaling your car. Now youre on the hook for the ammt still owed on the vehicle, because you dont have Collision coverage on your policy. Not fun, I have to tell people that almost on a daily basis. Would you rather be out $150 a month, or $20,000 all at once? And to answer your question, no, its not OK, the lienholder almost always requires full coverage on a vehicle. |
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queen_of_brokkenhearts
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DMV doesn't care what kinda insurance you have, but the financial institution does. The best thing you can do, is to find a cheaper insurance... for the instance look for LA Insurance, they got affordable prices! |
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?
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if you financed it and do not have liquid funds to cover full replacement you are very likely in default of your loan agreement without full coverage insurance |
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Lover not a Fighter
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DMV doesn't care. It is your agreement with the loan company.
You should really have full coverage till the loan is paid off. If your car was to be totaled or stolen, you would be
(1) stuck paying for old car
(2) stuck paying for a replacement car
Most people find it difficult to pay for 2 cars - like you said.
Good Luck... |
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Christopher B
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it is perfectly legal to have just liability, but the risk may be too great to take the chance. If you get hit by an uninsured driver, have your car stolen, cause an accident yourself or anything else like that you will lose your car and still owe money on it. If the insurance is too expensive you need to shop around. Call 20 places, one of them will make you an offer you can afford.
If you think insurance is expensive try paying for a car that has already been destroyed. Next time don't take out a loan for a car, buy a cheap one and pay for it outright. Buying used and paying the maintenance can save you lots of money, insurance on my 2000 Mercedes is $48 a month for full coverage. I paid $9000 cash for it. Just save enough money every month to get enough to buy a cash car. |
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