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Does a financed car need to be insured?
"Do I need to keep insurance on a vehicle I won't be driving? I will be away for work and my vehicle will just be parked at my home for the considerable future. It's not paid off yet."
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Most lenders require that any financed vehicle carry insurance, including
comprehensive insurance
and collision insurance
. Even if you won’t be driving your vehicle, you signed a contract with your finance company stating that you would keep the car insured and protected from damage.
If your vehicle wasn’t financed, you’d be able to reduce the coverages to the
minimum coverage car insurance
defined by your state. You’ll want to review your finance agreement to determine the terms and conditions. If you’re unsure, you should also reach out to your lender directly. You may be able to come to an agreement on something, but it’s likely you’ll have to keep it fully insured.”
View full answer
- Gregory R.
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