Is 357 a month to much for liability car insurance?
I will start with (if) you purchase a car, then you CAN’T go under anyone, since insurance is sold to the owner (you). To go under someone would mean as an example that your parents have a car they own and list you as the main driver, so added to their policy. Now insurance is based on (zip code), age, driving experience, any prior accidents or tickets, plus your credit, if bad pay more. You have 2 going against that is known (zip code NY) which is high vs other states and your age which is 23 and male so higher. Now per another question you have is that you plan on buying this 2008 for $4,900. Are you paying cash or will you be financing the $4,900? My guess is that you will be financing the $4,900, thus you CAN’T buy (only) liability, thus will need to add collision and comprehensive till it is paid off. If financing, then expect the cost to double what you have been quoted as of today. BEFORE, you buy this, make sure you find the (correct) cost to insure it, since so many times kids finance a car only to find out that the insurance since (required) to have full coverage will pay double/triple in insurance vs the car payment. One last thing to offer. IF, you do in fact plan to buy, then get a licensed mechanic to look at it to see if there are any major problems. A 90 day warranty is not long enough, since if are major problems, then will have the the cost to keep fixing to keep it running.
What happens if I switch from full coverage insurance to liability on a older car that I'm still paying for? I live in Texas if that matters.
If your lender catches you they will purchase wildly overpriced single interest insurance. This will raise your payoff by thousands of dollars and only protect them in the event something happens to your car.If you are financed via owner financing they will repossess your car and require you to pay it off in full to get it back.Or, nothing. It depends on how on top of their game they are. When you signed a contract you agreed to provide full coverage while you owed money. You're not breaking any laws but you are in breech of contract. If they catch you they will ruin your afternoon for sure.
Only have liability insurance - don't agree with other insurance carrier liability decision.?
You are absolutely out of luck. Tell me this.... if two people are both saying the other person crossed over the center lane... how on earth is a company supposed to know who is telling the truth? They arent just going to pay you (not even 50%) because they have absolutely no proof their policy holder did anything wroth paying. So.. unless you have a witness.. police report.. etc.... you are absolutely 100% out of luck... P.S. oh lord.. i knew someone would pull out the "lawyer" comment... did the lawyer see the accident? Now tell me... what exactly could a lawyer do here? NOTHING besides take some of your money. Lawyers dont magically cure something. No evidence= no payment
What can a car finance company do if you no longer have insurance?
It means they will put "forced coverage" on your car. This is going to be way more expensive than the insurance policy you purchased through a local insurance company. If you don't pay for the forced coverage -- they can sue you -- just like they can if you don't pay for the car. When your policy canceled, your insurance company sent a letter to your finance company letting them know the policy is no longer in force. It sounds like the finance company is giving you a chance to tell them where you got coverage before they pop you with the forced coverage. Want to know what other action they can take? Read the promissory note you signed when you purchased the car. That contract outlines that you are required to maintain car insurance and should tell you what they can do if you don't. One more thing to consider -- the forced coverage the finance company puts on you -- only protects their interest in the car -- it does NOT pay you for the equity in your car (if it is a total loss) and it does NOT pay for any injury/damage that you cause to other people. Therefore, if you cause a wreck -- you will be held personally responsible for any injuries and damages you causes. I highly recommend you get insurance back on the car.
If i change my car insurance will my lien holder be notified?
First of all you need to buy comprehensive and collision coverage right away. If your car is damaged and the lienholder finds out you were not protecting their rights under the contract they can demand the loan be paid in full or repossess the car. If you want to switch insurance carriers, just let the agent know of the lien on the vehicle and they will include the lienholder on the policy. Good luck
Financing a used car, full coverage needed?
I've been looking into buying a used car for a good time now. The car payments are not a worry to me, those I can afford. But on top of full coverage insurance? I'm only 19, so insurance companies will have a hard time trusting someone this young and have been giving me quotes for 400+ a month which is outrageous. I only been looking into cars in the 5k-8k range, or even lower depending on milage. Question is do I absolutely NEED full coverage if I'm financing a vehicle as such, or can I settle for liability which would be much more affordable? Please go into depth if you can, I'd like as much information as possible! Thank you
What happens if I only have liability coverage on my new car?
Yes, when you purchase a new car, you sign a contract stating that you will have comp/coll coverage, (usually refered to as full coverage) on your car within 30 days. If you do not comply with this, they will put a "Force Insurance" on your vehicle. This will increase your car payment. I suggest that you find insurance on your own, it's way cheaper. If you dont have comp/coll coverage, in case of a total loss, you will still owe your finance company for the car, even if the car is a total loss.
Will my vehicle insurance cover me if I damage something with a trailer I'm pulling?
I have a business moving mobile homes and sheds and such. Recently my insurance company has told me that I need to get liability insurance for moving homes. I was under the impression that if I was pulling something and I hit something the thing that i hit would be covered. Of course the mobile home I was pulling would not be cover unless I had cargo insurance. Am I right? I feel like I'm getting screwed on insurance
What happens if I got into an accident and can’t pay for financing or insurance?
When you sign the financial agreement, you take responsibility for paying for the vehicle. The finance company requires you to have insurance to cover loss of value. Insurance usually has to pay unless mitigating circumstances arise wherein the accident is questionable and they decide to not cover the loss. Unusual, but not uncommon. In America, carriers are required to pay unless there’s special conditions.That being said, you’re liable for paying for the vehicle regardless of your situation. Even if the vehicle is repossessed, you can be charged interest and other fees until there is a settlement on the account. The debt never goes away, even after the company has “written it off”, it’s bought and sold and continues until settled one way or another.The good news is that if you have nothing, they can’t get anything. The debtors can attempt to collect for a period of time determined by your state’s laws, and after that they can only carry it on your credit report for some time longer. Eventually it drops off your credit report as long as you don’t make any silly mistakes and try to make payments when you can’t and re-age the debt legally.For help like this, this is a great site; Do It Yourself Credit Repair It covers all forms of debt and can empower people to resolve their problem without having to get lawyers or other “for fee” based companies involved. I’ve used this information to educate myself on what creditors can, and can’t, do. Using this information, I contacted a creditor and had the collection agency hired by the original creditor fired. They lost the account (worth millions, I heard). The person who I had been in touch with on the matter notified me that the agency’s services were terminated due to their practices, and then I worked with the original creditor to remove the debt. I actually never paid anything. They were so embarrassed by the actions of a company that represented them, they removed the debt and issued statements to that effect.Knowledge is power. Best of luck.