Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for I

[Soaringagent]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

You bought more than you can afford. Sell the car and buy an older, reliable car.

 

[Zardiw]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

Maybe move out from under the rock you live under. Just kidding. Of course you would need full coverage.

U funny dude. WHY is this an 'of course'

WHY is $300,000 insurance required on a leased $17K car???????

All they give a flying rats ass about is the value of the car right?

So why all the extra coverage?.........Is it cause for some insane reason, if we get in a wreck they will sue the LEASING COMPANY???

Somehow 'of course' doesn't quite fit the bill on that..........

z

 

[WinoBlues]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

I live in Illinois. I just purchased a new car at a local toyota dealership. They approved me for 0% financing. My wife and I was very happy. Now, I have to pay around $400 a month which we can barely afford it. In the process of purchasing. We have been told that all we need to do is "go to your insurance company and update your information and your new car." I never be told that I need a full coverage on the new car. I did not know it either. Then, in the next day of purchasing. I went to my insurance company and they told me over 99% of the financing car need to pay for full coverage which is around $210 per month. It is extremely hard for me to handle this based on my financial situation now.
Then I went home double check the contract. It did have this registration. However, the guy in the dealership never went through it with me. If he did, I will no buy the car because I cannot afford it.
What should I do now? Please help and give advise. Thanks!!!

You can try to talk to the dealership and see if you can get out of the deal. But I doubt you can. If you do not put the required insurance in place the finance company will, but just enough to cover them. It will most likely cost as much as a better plan that also covers you. You also my want to shop the insurance. And stay out of stores that offer financing.

 

[Zardiw]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

We have been told that all we need to do is "go to your insurance company and update your information and your new car."

Yeah..that's what they told me too. Liars.

They know very well that most people only have the minimum insurance required by the state........and that having to pay full coverage is an item they hide from you so they can get the sale.........

I can understand extra insurance to cover the value of the car.....but I don't fathom all the extra coverage requirements......makes no sense to me....and sounds pretty scammy....willing to bet the insurance goons lobbied to have those extra requirements made mandatory........any takers?

z

----------

PS. I would go online and try to find the cheapest insurance you can find that will fit their requirements.

So far I've found ESurance and The General to be the cheapest.

z

----------

As a last resort.......I'd get the full coverage...then drive it into a tree...........z

 

[GreenSky]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

If you notice, the owner of the car is the leasing company. The owner can always be sued.

Rick

 

[EugeneM]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

In some cases I have seen dealers take the car back not for the same reason but the guy couldnt afford it bottom line and it was better for the dealer to take it back for some reason -I dont understand why but he got out of his contract - otherwise sell the car.

I am assuming the finance company doesnt want the dealer selling cars people cant afford.

 

[INSUREGEEK]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

Yeah..that's what they told me too. Liars.

They know very well that most people only have the minimum insurance required by the state........and that having to pay full coverage is an item they hide from you so they can get the sale.........

I can understand extra insurance to cover the value of the car.....but I don't fathom all the extra coverage requirements......makes no sense to me....and sounds pretty scammy....willing to bet the insurance goons lobbied to have those extra requirements made mandatory........any takers?

z

----------

PS. I would go online and try to find the cheapest insurance you can find that will fit their requirements.

So far I've found ESurance and The General to be the cheapest.

z

----------

As a last resort.......I'd get the full coverage...then drive it into a tree...........z

OK - 3 things:

1) That $300,000 number you mention is likely a bodily injury liability limit. Kill someone while driving a car owned by someone else, and see how far THAT gets you. The bank hopes it's enough to buy off non-life threatening/altering injuries.

2) You get what you pay for. Minimum limits = minimum coverage = minimum service = next to zero protection.

3) Someone will know the tree bit was no accident. No coverage. Driving into a river won't work either. They find those "stolen" cars too.

So, yeah, OF COURSE you need to meet your financial responsibility obligations to the people that handed you keys to a $17,000 car. They're not charitable organizations.

 

[F150]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

MODS, close this post, the OP aint coming back and its burned out......SMH

 

[Norwayguy]

MODS, close this post, the OP aint coming back and its burned out......SMH

You kidding it reminds me of just how out of it some people are.

 

[bigeekay]

Why would someone get bashed for not knowing?