ANSWERS: 2
  • Read the Loan Agreement's fine print. Generally, the terms of a loan require you to have Auto Comprehensive/Collision insurance on the financed car. Comprehensive coverage would cover theft, and the Insurance Company would pay the current value of the car. This would probably be in one check payable to both you and the Loan Company. The current value (which includes depreciation) may or may not cover the remaining amount owed to the Loan Company. You would be on the hook for whatever was left. Now, if you "forgot" to have Insurance, you'd be required to either pay off the entire loan RIGHT NOW, or keep paying on the installments. Ouch!
  • Do you have full coverage insurance or just liability?

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy