I am looking to purchase a vehicle through financing here soon but I'm being told by lots of people that it REQUIRES FULL COVERAGE INSURANCE. Is this true or what? I know FCI usually ranges in about the area of $450-$600 a month which is too much to me. Somebody please explain... thanks...
Hello there to comment on your question... Yes you will need full COVERAGE... all that is for is to protect the banks interest. nothing more one you pay off your loan.... then you can lower your coverage to what ever you wish... -Edward-
If thats the truth, can I get some recommendations on the best (and lowest) full coverage insurance companies. That's crazy to have to pay that much. I understand its in the banks best interest but $600 is crazy high which is what State Farm, Geico and ESurance have told me.
The amount you pay for insurance is factored by a number of things such as age, location, driving history, car. If you buy a new car you need full coverage since technically the car isn't your its the banks.
^^ Either way, I have a defensive driving course on my record for around 10% off which I have to re-do soon with Defensive Driving Part 2... this'll allow me to save around 15% off instead of 10%
Well I have to say that STATE FARM SUX! Never filed a claim in 20 years and I had an act of god claim (no fault) and they denied it even after 2 appeals when everyone else in the same storm got their companies to pay. I really hate them and I am switching. Any good recommendations for home,auto combined?