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How do I get liability insurance for a financed car?
I want to finance a car, but I only have money for liability insurance, and I know I'll need full coverage to finance it. Is there any way I can get liability insurance for a financed vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“That’s a good question! Unfortunately, you can’t get only
liability coverage
for a financed car. You almost always have to get full coverage, including collision
and comprehensive
, as the lender wants to protect their investment—but there are other ways to save money. Here are some options:
- Finance a cheaper car. This will save you money on the actual price of the car, which can help you afford full coverage.
- Pay cash for a much cheaper car. Buying a car outright will save you the loan entirely—but you should definitely make sure that it’s in good condition before purchasing.
- Look into insurance discounts. You might be eligible for asafe driver discount, agood student discount, or another type of discount on your insurance, which could help you afford your initial choice of car.
Whatever choice you make, try using the
Jerry
app to make sure you save the most on insurance. We’ll get you competitive quotes from top providers in seconds so that all you have to do is pick the plan that works best for your needs.Good luck with the loan, and drive safely!”
View full answer
- Gregory R.
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