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Do you need full coverage on a financed used car?
"I'm going to be financing a 2018 Nissan Altima. Since it's used, will I still need to have full coverage on it?"
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Regardless of the age of the vehicle, most lenders require that you add
comprehensive insurance
and collision insurance
to a financed vehicle.Lenders often require full coverage to protect the vehicle from damage. If the car is damaged, they want to ensure that it’s able to be repaired or that they will get the money they are owed if marked a total loss.
Whether your lender will require it will depend on the terms and conditions you agree to. Some lenders also have
liability car insurance
coverage requirements as well.To find out what’s required, you’ll want to reach out to your lender before signing the finance agreement.”
View full answer
- Gregory R.
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