WEDNESDAY, NOVEMBER 9, 2016
State laws dictate the minimum amount of car insurance for liability that you must carry on your vehicle and the remaining insurance coverage that is available is usually optional. However, if you have an auto loan you are typically required to carry additional insurance by your creditor. The amount of car insurance you are required to have if you have an auto loan will be for liability coverage, comprehensive coverage, and collision coverage.
While you will be instructed by the state and your lender as to how much coverage to purchase, the deductible will be your choice, which can help keep your premium lower. Once your car is paid in full, it will be at your discretion to continue the collision and comprehensive car insurance coverage or to cancel it and maintain only liability. Most often, the age and condition of your vehicle will dictate your decision.
To learn how much auto insurance coverage your lender will typically require of you and what type of auto insurance coverage most lenders will require you to have please contact me. I will be happy to provide you with a quote.
Posted 10:46 AM