Overhaulin' - if i finance a car, would i have to pay full coverage for insurance? I live in Massachusetts.?

if i finance a car, would i have to pay full coverage for insurance? I live in Massachusetts.?

i know an auto loan you have to.. but what about financing??

Public Comments

Yes. If someone else has an ownership interest in the vehicle they can require you to have full coverage to protect their interest. It is up to the finance company.
almost no one will loan money 4 a car without collusion ins...i once got a signature [personal] loan and didnt have to get ins...but it was only 4000..
Huh? Either way you are financing a car. This means that some other entity, be it a bank, finance company, credit union, whatever - owns the vehicle until you have paid for it. They will require you to maintain full coverage on the vehicle to protect their financial interest in it.
Yup, pretty much every agency that finances will make you get full coverage as part of the agreement. They have a stake in the car, so they want to ensure that their investment is protected. If you are looking for prices for full coverage, just look online for a quote. Go to http://www.auto-insurance-knowledge.com/24-hour-insurance-quote-auto.html This will compare all companies in your area and give you the lowest prices Hope that helps
Having a loan & financing a car are exactly the same thing, just different ways of saying it. Yes, you have to carry comprehensive and collision coverage on a financed vehicle. The bank, loan co, etc will need to be named on the policy as loss payee and they will need proof of insurance at every renewal.
That is a loan, financing a car. Yes, full coverage will almost always be required, when you have a car up for collateral. It is in place to protect the lienholder/lender.
hey whats good; i'm from the bean too...and hell yea u have to have full coverage on a financed car. ex. what if the day ur picking up the car and ur leaving the lot u get into a bad accident and u dont have full coverage; u and the bank would be assed out. trust me full coverage is worth it; no aint gotta worry bout nothing. lata