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Proof of Auto Insurance

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I want to buy a new car, but I am not sure which one I want yet. I know that I need auto insurance with a financed vehicle. How can I get coverage if I don’t even know which car I am buying?

Before you make any decisions it’s probably a good idea to compare a few auto insurance quotes online for the different cars you have in mind. One car might be a lot cheaper to insure, and may sway your decision one way or the other. When you go to the car dealership to purchase your vehicle, you do not have to have proof of insurance with you that day. Most lien holders will give you about a week to get the proper auto insurance coverage (full coverage is required for financed vehicles).

After you buy the car, you should compare car insurance quotes from a few different insurance companies just to make sure you are getting the cheapest rate possible. You can call the car insurance provider that gives you the cheapest rate or sign up online, and they can send over proof of insurance to your lien holder. Don’t worry. Just take your time, do your research, and everything will be fine.

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Insurance on a Financed Vehicle

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I bought a new car 6 months ago, and my auto insurance policy just lapsed. Can the finance company take out an insurance policy and send me the bill for it? What do I do?

When you finance a vehicle your loan documents normally specify that you are required to carry full coverage auto insurance for the life of the loan. This means liability coverage as well as comprehensive and collision. If finance company finds out that you no longer have the proper car insurance coverage, they will get insurance for you and make you pay them. There are state regulations on this, so the finance company can’t send you a bill for a ridiculous amount. They should only charge you what they are paying for the insurance themselves. The finance company may be able to repossess your car if you refuse to pay for the insurance or get your own policy.

Either way, it is in your best interest to have good auto insurance coverage. If your policy has lapsed, do everything you can to get it reinstated, or call another insurance company and get a new policy with them. You might also want to set up an automatic bank draft to ensure you’re your insurance premium is always paid on time. Make sure you shop around for the best auto insurance rate. You don’t want to end up paying too much.

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