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| *Loan,banking and credit>>>auto loan |
Do I need to maintain full coverage auto insurance for the life of my auto loan? |
I was told by a coworker I can just get liability insurance after one year. I know in NYS you have to maintain full coverage until the loan is paid off. Even if it is a used car with a loan. After you pay off the loan then drop your insurance to just liability. The bank will come after you if you are in an accident and the car is not fully covered to repair it and you had stop paying your loan. That would likely vary depending on the company and the amount remaining on the loan. I would contact the lending company. I work in the insurance industry yes the lender will require full coverage until loan is paid off. check with your lender for sure though..everyone is different If the lender isn't sufficiently covered against loss, he will purchase additional insurance for you at your expense. Its part of most loan contracts. Yes. yes this is required by your lender talk to your lender for specific requirements |
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