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Author Topic: Used car insurance  (Read 1174 times)

Offline lee_8

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Used car insurance
« on: October 06, 2005, 12:29:16 pm »
Sorry if i placed this topic in the wrong section.   Is it possible to insure a car with no collision coverage if it is financed through a bank?  I know with new cars you do, but I was wondering if there was any difference when buying a used car?  Thanks for your help.
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Offline articsteve

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Re: Used car insurance
« Reply #1 on: October 06, 2005, 12:42:39 pm »
That would be a decision the lender would make I would think.
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Offline mrthompson

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Re: Used car insurance
« Reply #2 on: October 06, 2005, 12:53:37 pm »
Depending on the value of the car, I would personally be inclined to have collision protection as part of the insurance package.  Mes deux sous.   ;)
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Offline ovr50

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Re: Used car insurance
« Reply #3 on: October 06, 2005, 12:56:01 pm »
I have never heard of any lender that would not want collision insurance; but maybe there are some. The only reason to skip collision is if the vehicle is not worth very much.
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Offline mark

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Re: Used car insurance
« Reply #4 on: October 06, 2005, 02:07:13 pm »
No bank will agree to this if the loan is actually secured by the vehicle itself.  The bank wants the asset protected, not you.  They'd be more likely to waive the liability portion (which of course you can't).
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Offline lee_8

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Re: Used car insurance
« Reply #5 on: October 06, 2005, 02:45:25 pm »
Thats what I thought I was just curious.  Anyways thanks for the input guys.
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Offline froggy

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Re: Used car insurance
« Reply #6 on: October 06, 2005, 05:30:56 pm »
If your new used car is too old for it to be worth getting full insurance, I'd suggest you get a Line of credit and use it to buy the car. The advantage is that it is an unsecured loan, so you can insure your car only with liability if you want to. This assumes that you're eligible to get a LOC, which is not always a granted thing (If one's currently unemployed, recent immigrant with no credit history, etc...)

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sterling

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Re: Used car insurance
« Reply #7 on: October 06, 2005, 05:34:52 pm »
If a car is too old to make collision insurance worthwhile, it will be far too old to be financed by a bank.
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