Comments on: Auto Financing, Leasing and Insurance

By: G W

G W — Fri, 16 Oct 2009 18:02:59 +0000

The finance company will surely require full coverage to protect "their auto"
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By: UCANTCME

UCANTCME — Fri, 16 Oct 2009 18:00:59 +0000

THEY ARE GOING TO REQUIRE IT FOR THEIR PROTECTION AND INVESTMENT.
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923

By: Michael B

Michael B — Fri, 16 Oct 2009 17:58:59 +0000

GMAC, as well as pretty much every other vehicle finance company, will require you to carry comprehensive and collision insurance. In most cases you must carry a deductible of $500 or less. If you’re buying from a dealership and financing the car, they probably won’t even let it leave the lot without proof of those coverages.
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licensed insurance agent

By: Robert G

Robert G — Fri, 16 Oct 2009 17:56:59 +0000

Yes, its required by the finance company.
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By: Patrick

Patrick — Fri, 16 Oct 2009 17:54:59 +0000

You are required to carry full coverage insurance whenever financing a vehicle.
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By: john r

john r — Fri, 16 Oct 2009 17:52:59 +0000

I would be surprised if they didn’t require it. You should get it anyway. Nothing sucks like making notes on a wrecked car. And do not waive (refuse) uninsured/underinsured motorist coverage. Thats what pays you if you get hit by someone with no insurance, or too little insurance. This day and age with illegals and other uninsured motorists on the road your odds of being hit by someone without proper liability insurance are pretty good.
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Attorney for 15 yrs.

By: J

Fri, 16 Oct 2009 17:50:59 +0000

In general yes. Collusion covers you if you damage your car e.g. skid into a tree. Comprehensive covers you if someone knocks off your side mirror or throws a rock through your window. Many recommend having coverage but setting the deductible (the amount you pay before the insurance company does) high e.g $1000. That way your premium is lower and you get coverage if you total your car.
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By: samuel b

samuel b — Fri, 16 Oct 2009 17:48:59 +0000

I guess it would depend on how much the car is worth, and if you are willing to take a chance on carrying a loan even if the car is written off in an accident or fire. I would suggest you add the extra if you are going to carry a large loan. Also most financial institutions will require you to do so. This is because they want to protect their collateral,or interest in the vehicle. If the amount of the loan is small you may want to take a chance. Hope this helps.
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By: pmg1997@sbcglobal.net

pmg1997@sbcglobal.net — Fri, 16 Oct 2009 17:46:21 +0000

Should I get comprehensive and collision auto insurance, if I am financing a car(not a lease)?
GMAC, not a new car.