Cars help you get from point A to B quickly, so you can get on with your busy life. As a driver, you need to carry a certain amount of auto insurance if you were to get into an accident or other emergency. If you’re financing a car, you'll also need specific types of coverage because you're borrowing money from a financial institution until it's paid off. Here are a few points to examine when choosing to insure your financed car.
What Type of Auto Insurance Would Financed Vehicles Need?
If you're financing a car, there are some different coverage options that you need to drive on the open road. These types of auto insurance policies include liability, collision, and comprehensive coverages that work together to keep your vehicle protected. Liability insurance covers any physical injury or other damage done to the other party involved. If there is damage done to the body of the car like a fender bender, collision will protect you. Comprehensive coverage would be for other damages that fall under the miscellaneous category, like weather or theft.
How Do You Select the Right Coverage?
For the best coverage, check to see what type of insurance is required in your state. Once you have those coverages locked into place, look at the other policies that are needed when you finance a vehicle; depending on the institution you are receiving a loan from, they may require you to have full coverage for the car.
The next time you finance a car, it's essential to have the right amount of coverage from the start. Stautberg Financial Group has been serving the Cincinnati, OH, area for more than 30 years. As a family-owned business, they can provide insurance with a personal touch. To learn more about their auto insurance coverage, visit them online, or call (513) 821-6300 to request a free quote.