src50
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Yes, you do. Call for quotes. The premiums depend on where you live, your age, your driving record, and what limits you request among other factors. |
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Mopar Muscle Gal
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you will need to have Full Coverage Insurance until the car is paid off
Contact local Insurance offices to get quotes
cost depends on your age, Sex, driving history, how many miles you drive for work and pleasure, your credit score , etc |
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electric_moonshine
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FYI, full coverage = collision, comprehensive, and liability.
A bit of advice for you, coming from someone who works in insurance claims, don't get the minimums on property damage and bodily injury liability coverages. NY is an expensive state, and people are lawyer happy, so make sure you have the right coverage that will take care of all expenses that would come out of an accident.
If you have a loan on a vehicle, you HAVE to have insurance, to protect the lien holder's interest on the vehicle. If you don't get it yourself, they'll usually tack it on your loan payments for you...and it's much more expensive than if you found it on your own.
As far as the cost, it's going to depend on your age, sex, driving history, tickets you may have received, how long you've had insurance for or how long it's been since you've had insurance, your credit, and the vehicle (year, make, model, etc). Shop around. I found my insurance through a broker, it's a smaller company, and it was half of what the big insurance companies wanted from me. |
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Shannon C
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Yes, the state of NY requires liability and personal injury protection coverage. The financing company will require comprehensive & collision coverage to protect their investment in the car itself. Some Finance co's will put a max on the deductible you can have, say only up to $500 so you should look into that too.
As far as rates, that will all vary based on your age, driving record, credit rating and location (big factor in NY). So shop around for the best rates. |
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Antacid
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Yes you need full coverage if you finance a vehicle. The state determines the minimum limits you must have. The insurance companies try to make more money from you buy raising those limits claiming they are trying to protect you.
Check what your state minimum limits are. You will be required to have liability, collision, comp and if I know NY you will have to have no fault insurance. Liability to protect you in case someone hits you. Collision in case you hit someone to protect the person you hit. Comprehensive in case a tree falls on your car and smashes the hood, and no fault in case someone steals a car and hits you and they have no insurance.
What you pay is determined by your credit rating, your driving record, your stability (have you recently moved or have you been in the same place for years)and how many years driving experience you have.
Also what you pay is determined by the deductables you chose for collision and comp. |
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mbrcatz
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Yes, the loan papers will require that you carry collision, comprehensive, and liability. Which, by the way, doesn't imply that you are "fully covered".
How much it costs will also depend on your age, driving record, household members, credit score, and which exactly coverages you pick. It could be anywhere from $2,000 to $10,000 or even more. |
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Ken84
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The answer to your question is Yes, you would have to pay for full coverage if your financing the vehicle in NY.
The state of NY requirements for bodily injury liability for NY is 25k per person /50k per accident/ 10k property damage. However, I would highly recommend higher coverage because that basic coverage is very low especially for the state of NY.
Personal Injury Protection is mandatory and it does not cost much more to get the higher coverage amount.
Full coverage includes both comprehensive and collision coverage and finance companies want you to have atleast $500 deductible or lower. And if you didn't know, this is the amount you would pay first in the event of a claim or loss to the vehicle.
Go take a defensive driving course that will save a few hundred dollars.
If I were you, I would shop around online and see what the current rates are before buying the vehicle. Quotes online are free and they match you with 3-4 insurance companies. In addition, you can speak to the local agent directly, ask them all the questions and find out what their best advice would be. |
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