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If your car is financed through a dealer do you have to have full coverage insurance?
Wiki User
∙ 8y ago
I believe it depends on the state, but as far as I know, if you have to have full coverage on a financed car, it doesn't matter where it's financed. If you still have questions, ask your insurance person, they'll know the answer.
Wiki User
∙ 8y ago
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Do you need full coverage insurance on a financed motorcycle in las Vegas?
yuo. financed motorcycle always need full coverage . i bought my gsxr finanaced and had to get full coverage . The dealer ship requires u to get it -_-
Is it better to be financed for an auto loan through the dealer or through a source like a credit union?
It is often better to be through an insurance agency, often times a dealer will provide you with an insurance agent.
If a car is financed through a used car dealership do you have to have full coverage insurance?
If the dealer doesn't require it, probably not, but you have to decide if you want to take the chance of continuing to make payments on a car that you can't use after an accident.
Who sells gap insurance?
GAP insurance is designed to cover the difference between what you owe on a financed (or leased) vehicle and the actual cash value that is paid by an insurer if the car is a total loss. Generally, GAP coverage is available through the car dealer or the finance company that finances the car.yes
Does car insurance cover car payments if you lose your job?
No, auto insurance does not offer this type of coverage. You generally have the option of purchasing this coverage from the auto dealer when you finance the automobile. Sometimes you may be able to purchase it if you are a member of a credit union or such. You might even call the finance company who financed the vehicle and see if it's possible to add it if that is your desire. Read the terms as these coverage are often times overpriced and have lots of small print.
Possible to get car dealer insurance with bad driving record I have 4 speeding tickets on my record. None are too serious and a lot of Car dealer insurance companies are denying coverage?
You need to call An insurance Agent that specializes in High Risk Auto Insurance to find coverage. An Auto Dealer is the worst and most expensive place you can ever buy insurance. You should never buy your auto insurance from a car dealer or a bank teller, They are not licensed, trained or experienced in the placement of Insurance Risks.
What major insurance companies provide coverage on Audis?
"The major insurance companies that provide coverage on Audis are; American Family Insurance, State Farm, and Progressive. Other insurance companies are available directly from the dealer at time of purchase from the lender."
What if the car dealer give you a car without proper insurance?
I don't really understand your question. The car dealer is not responsible for providing your auto insurance. It is your responsibility to obtain the proper insurance coverage for your vehicle and your situation.
Does the dealer you buy the car from have some type of insurance coverage?
When you test drive it, yes. Once you commit to buy it, insurance is your responsibility.
When purchasing a car if the owner already has full coverage on a trade in do the owner need gap insurance?
Firstly, talk with your insurance agent before signing for the new car. Dealers will sell you GAP coverage whether you need it or not and their GAP is a very expensive coverage that is paid up front and then financed so you pay even more. The only time you need GAP coverage is when the financed balance is more than the value of the car. If you are trading in another car you may have a lower balance than the book value or the new car. In any case you can purchase GAP from your agent and cancel it after a year or whenever you feel that the loan balance is lower than the value of the car. If you buy from a dealer you pay for the life of the loan plus interest.
What is the maximum charge for gap insurance through auto dealers in CT?
I'm sorry I don't know if there is a legal maximum that auto dealers can charge for gap insurance. I do know that you need to speak with your auto insurance agent prior to purchasing gap coverage. When a dealer sells you gap coverage what they do is prepay the entire premium for the term of the loan and add that into the amount financed. After that you are charged whatever interest rate you pay on the vehicle. The auto dealer is paid a large commission for selling this gap coverage and receive all their money up front. Most auto insurance companies offer the same coverage for a very small premium that is simply an endorsement to be added onto your current policy. I think mine is about $6.50 for a six month period. You only need gap coverage for the first couple of years that you own a new car. GAP pays for the difference between the value of the car and the amount owed on the loan. After a couple of years the falling amount owed on the loan becomes less than the value of the car. If you purchase from the dealer you are prepaying for the entire 5 or 6 year time of the loan period.
Can you get gap insurance in Georgia after you buy your car?
Sure. You are much better off to get GAP insurance from your insurance company than by buying it from the dealer. If you buy from the dealer you will pay lots of money for the insurance plus you pay for GAP insurance for the life of the loan in advance then pay interest on it as it is financed in your loan. GAP insurance is coverage for the difference in the actual cash value of the vehicle and the amount owed on the vehicle. Reason shows that you will only be upside down in your loan when you first buy a new car because the value decrease fast the first year while the loan doesn't reduce as fast. You can purchase GAP coverage from your insurance company for a few dollars ($5-10) for a policy period and when the loan balance drops below the value of the car you can drop it. Say the first two years of a five year loan you owe more than the value though it is probably less. For two years you may pay $40 for the coverage from an insurance company then drop the coverage. From the dealer you paid $850 plus interest and you can't cancel it even though it will not pay off anything after the first two years. To answer your question, most insurance companies will let you add GAP coverage for the first 6 months after you add the car to your policy.
