For Example: What would happen if your car got vandalized, someone steals your car or you have an accident, who will take that responsibility if you don’t have insurance…Now of course the car will be taken away from you by the finance company, a non- moving violation will be added to your driving record. (For No Insurance), you will pay a fine and last but not least your credit will be ruined. Do you want to take that chance; it’s totally up to you. When financing a vehicle you need Comprehensive and Collision Coverage so you can protect your credit, your record and have less hassle. Indeed recommended is also the liability insurance, now some finance companies don’t care if you have liability insurance because it doesn’t pertain to them; however, not carrying liability insurance can cause a huge problem for you. (Definitely NOT Recommended). When leasing a vehicle most of the leasing companies require you to have higher limits of liability. 100/300/50, you probably have seen these numbers if you’ve done leasing. If any questions, concerns or even comments regarding our topic, feel free to shoot us an email and we will be more than happy to assist you and answer to any related questions or comments. We hope that this information will give you some type of knowledge and get you in a better situation.
From 1 & Only Insurance Services (Edo Edgar Gabrielyan)