by Heather » Sat May 24, 2008 01:41 pm
My fiance is selling a car on contract to someone. He has had the vehicle for about 2 months and just recently got insurance on the vehicle. He only has liability. What insurance does he need so that the vehicle he is buying on contract and other vehicles are covered? My fiance just wants to make sure that the car is covered for any damage that could happen to the vehicle before it is completely paid off that way he is not out any money. I would appreciate it if you could back to me as soon as possible. thank you so much
Posted: Sat May 24, 2008 01:56 pm Post Subject:
I don't know what you mean by purchasing ''on contract'' I will assume that means a loan?
He needs all the liability coverages required by your state (not the minimums for pete's sake they are always too low), and he also needs collision and comprehensive coverages these coverages cover his vehicle subject to the deductible that he choses...
Have him talk with an agent in your area and they will be able to help him with limits questions etc....but collision and comprehensive (I think) are the answers to the questions you ask...oh also check with his loan company or his insurance company about GAP ins. as well..
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