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19
If I take out a loan to pay off a loan for a car do I still need to have to have full coverage insurance?
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I recently took out a loan for a car, I want to take out another loan from another financial institution to pay off the loan for the car because my monthly payment will be cheaper. If I do this do I still have to have full coverage insurance on my vehicle? I dont know that it matters but I live in the state of Nebraska.
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4 Comments
April 25th, 2009 at 1:35 pm
no doubt you do
April 28th, 2009 at 1:05 pm
The only reason you would need to keep full coverage on your car is if you use if for collateral on your new loan. If your not, you don’t need full coverage.
April 28th, 2009 at 10:20 pm
You need to look at your ins statement to see how much you’re paying for full coverage. It’s usually not that much if you choose larger deductible. If you can afford it, probably keep it in case you need it particulalry the car is less than 5 years old.
April 30th, 2009 at 4:51 pm
I think you do until its paid for…depends on the Fianace Co and the year of the car.