What is the minimum insurance for a financed car in michigan?
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What is the minimum insurance for a financed car in michigan?
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I have a car that is financed, and I'm looking for the minimum insurance they require. I know it's smart to have more, but with my bad credit I'm already paying 25% interest on the car, so I need to save on the insurance for now, and I'm young so that's hard enough.
I know it should be 100,000/300,000 bodily injury. Is there a typical minimum for the other things as well?
Additional Details
Trust me, I KNOW I'm getting screwed. My step dad took up a bunch in my name when I was little, and if I report him my mom gets in trouble too. So I'm dealing and trying to improve enough for my credit union to refinance me.
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Gambit
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They will want to ensure that you have Collision and Comprehensive coverage. However you will have to refer to your contract wordings to determine what the maximum deductibles allowed are. |
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Marc
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You would need to ask an insurance agent to get an accurate answer. Your poor credit score will have an adverse effect on the cost of insurance. A note to "Mike H". You have no choice about the iunsurance company finding out about your credit rating. I agree it should not be a factor, but it is. Withholding information or falsifying an application for insurance will result in it being cancelled without a refund. Your suggestion of not giving the SSN is not wise. They will find out. If you have done this you put yourself at risk. |
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Scott H
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The lender that financed you car probably has specific insurance coverage requirements, down to the amount of deductible you can have. Check your financing paperwork. |
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Ruffin X
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I suggest you find a local auto insurance agent to help. Since I live in Minnesota I can't suggest an agent in Michigan, but here is an resource that can help you. http://www.simpleautoquotes.com/Auto-Insurance.html
Hope it works out |
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Dan
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Help yourself - you can check your quotes in internet, for example here - autoinsurance.maclenet.com |
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oklatom
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Depends on the requirements of the company that made the loan. Generally speaking they want full coverage, and to be named on the policy as loss payee so they are notified in the event you drop insurance.
Word of advice, do something to improve your credit score, and refinance as soon as possible. At 25% interest, you will pay twice the price of the vehicle in a short 4 years, so a $20,000 car will cost you $40,000, |
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Raymond T
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You may try to google it,here http://www.InsuranceFreeTip.info/insurance-for-free.htm has some direct resource that might be helpful. |
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