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If you finance a car. Aka get a loan. All banks will require full coverage until your loan is paid off. The car is the banks collateral and they Buying a car with CASH vs. FINANCING Share your thoughts in the comments! Check Out In Bio To Learn More! While most states don't require you get full insurance coverage when purchasing a car, many finance lenders who want to protect their investments require full
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Comprehensive insurance pays for non-collision damage or loss. You can make a claim against this type of coverage, which also requires I Have a 72 Month Auto Loan! (What Should I Do?!) When is a good time to take off Collision Insurance? It used to be when the vehicle was 10 years old or the loan has been paid out
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When should I remove collision coverage from my auto policy? Yes, full coverage is required. A car loan is a secured loan, that means that the car is collateral for the loan. Having Liability Coverage is simply not enough. Collision coverage and Uninsured Motorist Coverage are a MUST. Watch this
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