Insurance for Financed Vehicles
One common misconception in the United States is that vehicles that are financed on credit through a bank or are required to have "full" coverage in order for the financial institution to cover their losses in the case of an accident. While most states do require additional coverage to be purchased, some such as only require Comprehensive and Collision to be purchased in addition to liability and not "full" coverage. Vehicles bought on cash or have been paid off by the owner are generally required to only carry liability. In some cases, vehicles financed through a --in which the consumer (generally those with poor credit) finances a car and pays the dealer directly without a bank--also only require liability coverage. [CITATION]
Requirements by State
The tables below contain liability limits for almost all states within the United States. See the table to the right for an explanation.
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