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How do I insure a car that I'm financing?
I'm financing a car for the first time and I'm not sure what to do about insurance. Is there anything that I should know? What's the easiest way to get insurance for a financed car?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congrats on financing a car—and that’s a very fair question! If you’re planning to finance a car, the lender will definitely require full coverage car insurance. This includes:
The average cost of full coverage is $1,674 a year, or around $140 a month. The reason why lenders require this type of coverage is because they want to protect their investment from damage—since, without full coverage, an at-fault accident could cause them to lose money on the loan.
If you want to make sure you’re getting the best deal on full coverage, one of the easiest ways is through the
Jerry
app! We’ll get you multiple quotes from different providers so all you have to do is pick the plan that works best for you! And once you pick, we’ll even help with all the hassle of switching, too.Best of luck with insurance shopping, and may all your rates be low!”
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- Gregory R.
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