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Usually your finance company will require that you have comprehensive and collision coverage. If there is no longer any liens in the car, then you may be able to remove these coverages.
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When would you not carry full coverage auto insurance?
If you own a car outright and have paid off loans used to buy it, you are no longer required to have full coverage insurance for it. At this point, it a personal choice. If your car has worth that you cannot afford to lose in the case of an at-fault collision or theft. On the other hand, if the vehicle is older or not worth so much, it may not be worth it to pay for full coverage insurance.
If your car is paid in full do you need full coverage insurance?
No. But in most states you are still required to have liability insurance to cover the costs of any damages you may cause to others if you are at fault in an accident.
Do you have to purchase full coverage auto insurance in Illinois if your vehicle is paid for?
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.
If you cancel full coverage on a financed vehicle and transfer it as a gift will the new owner be required to get full coverage on the car?
You cannot transfer the title while the lender has a lien on it and they will NOT release the lien until the loan is paid off. They will also NOT allow any names on the title that are not on the loan papers.
What do you mean by insurance coverage?
You have insurance coverage if you paid the premium required for that policy. The coverage will pay appropriate types of claims during the period of time of that policy.
You were in an accident with someone with a full coverage you paid his 500 deductible and his company wants you to pay the repair charges How come?
You were in an accident with someone with a full coverage you paid his 500 dollars deductible and his company wants you to pay the repair charges How come?
Does the state of Missouri require rental car to be paid for under full coverage auto insurance?
No. Rental coverage is something you buy extra. "Full coverage" just means you bought liability, comprehensive, and collision insurance.
How long do I need full insurance coverage on a financed vehicle?
In California, anyway, you need full insurance coverage on a car the whole time it is financed. After its paid off, you can drop a bunch of the coverage and just carry liability.
Why do they call it full coverage insurance when a normal policy doesn't cover the full cost of the car if any moneys are owed?
They call it full coverage because it means your car's damages will be paid for regardless of whether or not the damage is your fault.
Can you have liability only car insurance in Michigan?
In state of Michigan, you can only have liability coverage if your car is paid off. Otherwise, you will have to purchase a full coverage policy.
What are the Arkansas laws on paid in full written on a check?
I could find no code that prohibited nor required the wording "paid in full" to be written on a check.
Do I Need Full Car Insurance In Colorado?
If the car is paid off, then only liability insurance is needed. If it is not, then you will need a full insurance coverage plan.
