you will need coverage to at least
1) cover any damage caused by you
2) cover the investment of the car (for the bank)
and any other coverage listed on your loan paperwork
I also recomend GAP insurance it is not necessary but if something does happen it covers anything the Comprehensive or collision does not and pays off the loan in the event you owe mor than the car is worth
Buying the bare minimum required by state law is like playing russian roulette. It’s only a matter of time before you get shot. In the event of an accident those with the bare minimum are liable, out of their own pocket, for any damages above what the insurance is written for. I carry Bodily injury $100,000 each person $300,000 Each accident and property damage$50,000 each accident. I wouldn’t consider carrying anything less for liability. Also Carry uninsured/underinsured motorist in case your hit by some one who doesn’t have insurance or doesn’t have enough. And of course collision and comprehensive to cover your own car in case you hit a pole or someone drops something out of the sky on your vehicle.
You need the Comp and Collision coverage, but consider increasing the deductibles.
You could get rid of towing and rental, if you do not mind paying for a rental if you had a loss. If you have health insurance, you may want to eliminate the Medical Payment coverage. Keep if for other occupants.
You need liability coverage, and you should not opt for the states minimal limits. If you were involved in a serious accident where you are at-fault, minimal limits will get you know where. You would still be legally liable for any damages that exceed your pultry limits. Make sure you have adequate Uninsured/Underinsured limts.
Maintain a clean driving record and your rates will eventually go down.
Victor B has a great answer. All I would add is that you should ask your finance company what exactly they mean by “full coverage.” As Victor alluded to, “full coverage” is not any kind of set standard for the insurance industry. It just means liability + comp/collision. But, the sticking point here is that you need to know exactly what your finance company wants to make it “full.” The factors here you need to know are:
20. October 2008 at 5:24 pm :
sorry I misread your question
you will need coverage to at least
1) cover any damage caused by you
2) cover the investment of the car (for the bank)
and any other coverage listed on your loan paperwork
I also recomend GAP insurance it is not necessary but if something does happen it covers anything the Comprehensive or collision does not and pays off the loan in the event you owe mor than the car is worth
24. October 2008 at 3:28 am :
Buying the bare minimum required by state law is like playing russian roulette. It’s only a matter of time before you get shot. In the event of an accident those with the bare minimum are liable, out of their own pocket, for any damages above what the insurance is written for. I carry Bodily injury $100,000 each person $300,000 Each accident and property damage$50,000 each accident. I wouldn’t consider carrying anything less for liability. Also Carry uninsured/underinsured motorist in case your hit by some one who doesn’t have insurance or doesn’t have enough. And of course collision and comprehensive to cover your own car in case you hit a pole or someone drops something out of the sky on your vehicle.
25. October 2008 at 11:20 pm :
You need the Comp and Collision coverage, but consider increasing the deductibles.
You could get rid of towing and rental, if you do not mind paying for a rental if you had a loss. If you have health insurance, you may want to eliminate the Medical Payment coverage. Keep if for other occupants.
You need liability coverage, and you should not opt for the states minimal limits. If you were involved in a serious accident where you are at-fault, minimal limits will get you know where. You would still be legally liable for any damages that exceed your pultry limits. Make sure you have adequate Uninsured/Underinsured limts.
Maintain a clean driving record and your rates will eventually go down.
26. October 2008 at 5:35 pm :
Victor B has a great answer. All I would add is that you should ask your finance company what exactly they mean by “full coverage.” As Victor alluded to, “full coverage” is not any kind of set standard for the insurance industry. It just means liability + comp/collision. But, the sticking point here is that you need to know exactly what your finance company wants to make it “full.” The factors here you need to know are:
A site I’ve recommended in the past would be…
Hope that helps.