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.
Yes they can repo if they catch the insurance lapse. Most financed vehicles have a Full Coverage clause that you signed and agreed to when you contracted to finance the vehicle.
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.
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 -_-
Yes, not having full coverage insurance on a financed vehicle can be a reason for repossession. Lenders typically require borrowers to maintain full coverage to protect their investment in the vehicle. If the borrower fails to do so, the lender may consider it a breach of the loan agreement, which can lead to repossession. Always check the specific terms of the financing agreement for details.
You ALWAYS need insurance on a financed car, and it has to be full coverage. Doesn't matter what state you're in.
Yes. Damage could still happen to the vehicle and the loan company or bank will require full coverage.
Full coverage plus waiver of depreciation
Yes.Thats what full coverage covers
In this state, a no fault state, full coverage insurance covers the other vehicle if you are at fault.
usually you only need full coverage if you are financing or leasing your vehicle.
Full coverage, minus the deductible.
Yes, you do. GAP coverage covers the difference between the value of the car and the amount owed. That means that you are making payments on the car, which is financed, which requires full coverage, insurance wise.