Do You Need Full Coverage On A Financed Used Car . Do You Have to Have Full Coverage on Financed Car? The Enlightened Mindset If you downgrade to liability insurance while you still owe money on the car, you are violating the contract with your lender, legally allowing them to cancel your loan and take your vehicle away. This protects their investment in the event that you are in an accident and the.
Do I Need Full Coverage on a Financed Car? from www.marketwatch.com
Your lender will determine which coverages you must carry - it may require a specific deductible on your collision and comprehensive coverages. Instead, you can simply carry liability if you choose, which would make your premium much cheaper, but you would be on the hook to repair or replace your car after an accident.
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