Yes, Almost every Auto finance contract requires the buyer to carry Full coverage auto insurance for the term of the finance note.
Failure to company with the terms of the finance contract you signed is a default on the part of the buyer and subjects the vehicle to repossession and other remedies at the disposal of the finance company.
Not usually. Most companies will add coverage for the insurance which is usually higher than you will pay at most companies. This is called forced place insurance.
The best insurance for a commercial vehicle is a comprehensive plan that provides not only liability coverage, but also includes coverage for cargo, and the vehicle itself.
Your personal auto coverage will not cover their vehicles. What they are probably asking for is to make sure you have coverage in case you drive your vehicle on errands or such for the company. If you go to the post office to get the company mail your personal auto insurance will be the primary insurance and then if they have an endorsement to their insurance called "hired and non-owned auto" it will provide secondary coverage over and above your coverage to protect them in case of an accident. Their coverage insists that you as the employee have primary insurance on your vehicle. Also note that the company insurance will not pay for damage to your vehicle.
In automobile insurance, collision coverage provides for repairing a vehicle when it is damaged due to the fault of the insured. Liability insurance provides for cost of repair of the OTHER vehicle if you damaged it.
Some insurance companies like Progressive will cover a non-owned vehicle meaning a vehicle in which you have no legal or financial interest. Check around if your insurance company does not provide coverage to non-owned vehicles.
Barring any exclusions in the policy, the insurance 'stays with the car' so your insurance will pay for the damage to the innocent persons vehicle (under your liablity coverage). If you have collison coverage on your vehicle/policy it too will pay to repair your vehicle less the deductible. If there is no collision coverage on your vehicle and the driver has a policy with collision coverage the drivers collision coverage may step in and repair your vehicle, but ONLY if you don't have collision coverage.
Usually, it is the responsibility of the owner. However, if you have insurance on your vehicle, they will step in as secondary coverage...including covering the damage to the vehicle you were driving, if you have the coverage.
In this state, a no fault state, full coverage insurance covers the other vehicle if you are at fault.
Yes, That's how it works. The insurance company sells you coverage in the form of an insurance policy and you pay a premium in exchange for that coverage. If you don't pay for the coverage then your not covered.
Yes.Thats what full coverage covers
You do not have to purchase full coverage auto insurance in Illinois if your vehicle is paid for. You do still need Bodily Injury Liability, Property Damage Liability, and Uninsured Motorist coverage.
Full coverage, minus the deductible.