by Guest » Wed Oct 15, 2008 05:13 am
Hi all,
I'm thinking of purchasing a car that is cheap and has been used for years. Do I still need to cover it?
Crossbreed
I'm thinking of purchasing a car that is cheap and has been used for years. Do I still need to cover it?
Crossbreed
Posted: Wed Oct 15, 2008 06:26 am Post Subject:
Coverage to address damage to the vehicle... only if there is a lien holder. Liability... yes.
Posted: Wed Oct 15, 2008 09:03 am Post Subject:
Insurance coverage is always a requirement for the vehicles be it brand new or years old. Liability coverage is a must on the vehicle whenever you drive. Hence, you're required to maintain sufficient liability coverage to cover yourself from probable lawsuits that you may face after causing damages to others in an accident.
Depending upon your state law you may also need to maintain the PIP coverage to protect yourself from paying the huge medical bills of yours and your passengers if suffer injuries in a car wreck.
However, if the car is in a battered condition and you don't have any lien on it you may skip the collision and comprehensive coverage and thus can reduce the cost of premium.
Posted: Wed Oct 15, 2008 01:09 pm Post Subject:
Hey Dear,
Auto insurance policies are generally composed of different types of coverage. It would be your choice to pick the right kinda insurance up to any volume that meets your specific needs. But, you should also remember that each state has its own laws that force you to maintain a minimum worth of insurance. I've seen that quite a few of these states would even demand a proof of insurance while you're buying a car.
Regards, Roddick
Posted: Wed Oct 15, 2008 01:19 pm Post Subject:
Hi,
There is one thing that I'd never want you to forget-
* Liability insurance
Remember, that it is the liability coverage that offers you financial security from lawsuits in the event that you get involved in an auto accident that inflicts bodily injuries to someone else or causes damages to someone else's property!
Thanks, Fatman
Posted: Wed Oct 15, 2008 01:30 pm Post Subject:
Dear friend..there are certain coverages which are mandatory across certain states and yet optional across other states. I'd instantly remember 2 of such coverages namely,
All that you, your family members or friends would pay towards medical treatments would be covered under the Medical expenses coverage. On the other hand, the UM/UIM coverage would reimburse for the hospitalization charges that you, your family members or friends would need to pay when the accident has been caused by someone without insurance or less insurance.
Purpleheaded08
Posted: Wed Oct 15, 2008 01:36 pm Post Subject:
Hey there..I feel its better if you'd also go for the Collision and comprehensive coverage. It is mostly your choice to take it across the states. It would come in handy when your car gets damaged due to any collision. It would also save your face whenever it is damaged due to fire catching up on it or if ever a heavy object falls on it. Check it out! Caromel_merquez
Posted: Wed Oct 15, 2008 01:36 pm Post Subject:
I would only opt out of comp/collission is I was driving a clunker.
I would never...repeat with emphasis...NEVER drive a vehicle without Liability and UIM.
Posted: Wed Oct 15, 2008 01:49 pm Post Subject:
It would also save your face whenever it is damaged due to fire catching up on it or if ever a heavy object falls on it.
Not only that!
It might also cover you from certain thefts or burglary. But I'd also stress on the worth of your car, since it has got a lot to do while determining your insurance requirements. Some of my friends are of the opinion that if your vehicle value is under $1000, then this kinda coverage won't do any good to you. I think they have a reason to say like this, since its only the actual value that would come to you after paying for the deductible. So, under such circumstances you may need to think a lot regarding other factors or consult an agent. Plasticmind
Posted: Wed Oct 15, 2008 11:01 pm Post Subject:
Medical is a real biggie...believe me all those expenses and doctor visits add up QUICK.
Posted: Fri Oct 17, 2008 09:20 pm Post Subject: car insurance
you purchase old or new doesnt matter, but insurance is the better way to prevent yourself from future financial crisis.
In case of accident, insurance will be much more benefical to you.
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