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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.
What else can I help you with?
Can your car get reposessed for not having insurance?
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.
Can you have double car insurance coverage for the same vehicle?
No, you cannot have double car insurance coverage for the same vehicle. Having multiple insurance policies for the same vehicle is considered insurance fraud.
What is the best insurance for a commercial vehicle?
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.
Can your employer ask for your vehicle insurance to drive their vehicle?
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.
What kind of insurance coverage can we get for a borrowed vehicle that doesn't have any insurance on it because the owner doesn't drive it. We have insurance coverage on our vehicles?
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.
What does collision coverage What does collision coverage?
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.
What are the benefits of purchasing 3 month insurance coverage for your vehicle?
Purchasing 3-month insurance coverage for your vehicle can provide benefits such as flexibility, cost savings, and temporary coverage for short-term needs.
What if you are driving someones car that doesnt have insurance and you get in an accident but you did not know they did not have insurance?
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.
If someone other than a family member is involved in an accident in your vehicle and is at fault whose insurance is responsible?
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.
Does full coverage insurance cover damages to the other persons vehicle if you are at fault in a no fault state?
In this state, a no fault state, full coverage insurance covers the other vehicle if you are at fault.
What are the key differences between drivers insurance and car insurance, and how do they impact coverage and premiums?
Drivers insurance typically refers to insurance coverage that is specific to an individual driver, such as personal injury protection or uninsured motorist coverage. Car insurance, on the other hand, refers to coverage for the vehicle itself, including liability, collision, and comprehensive coverage. The key difference is that drivers insurance focuses on the driver's protection, while car insurance focuses on the vehicle's protection. These differences can impact coverage and premiums by determining which aspects of an accident or incident are covered and how much coverage is provided for each. Premiums may vary based on the level of coverage needed for both the driver and the vehicle.
Is it lawfull for your vehicle insurance to charge you for what they have covered?
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.
