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Do You Need Full Coverage on a Used Financed Car?

Signing Finance Documents for Car

One of the most important decisions you’ll make when buying a car is choosing a coverage plan. If you’re moving forward with a used model, you may be unsure what level of coverage is necessary, or whether you need full coverage on a used financed car at all.

As with new vehicles, you are only required by law to purchase liability insurance for a used car, although you may choose to expand your coverage with additional policies. That said, full coverage insurance for a used car will provide you with priceless peace of mind while you drive in West Lafayette. In the guide below from the Auto Express finance center, we’ll take a look at how to finance a used car and the benefits of full coverage insurance.

What is Full Coverage Insurance?

Full coverage insurance isn’t actually a type of coverage in itself. Rather, the term refers to the combination of three primary coverages: liability, collision, and comprehensive. As you read above, every driver must purchase liability insurance. 

Many Indianapolis drivers add additional coverage because liability only covers damages to the other vehicle if you’re at fault in an accident. If you add collision and comprehensive for full coverage insurance, the benefits expand to include coverage for your own vehicle (as well as property and medical expenses). Coverage details will vary by provider, but here’s what’s typically covered by each insurance type:

  • Liability – In the event of an accident in which you’re the driver at fault, liability insurance covers injuries, property damage, and damage to the other vehicle(s) involved.
  • Collision – If your vehicle is damaged in an accident for which you were at fault, collision insurance will help cover the cost of repairs.
  • Comprehensive – If your vehicle is damaged by weather, theft, fire, and other non-accident-related events, comprehensive insurance has you covered.

How to Finance a Used Car

After negotiating your loan term and deciding whether you need full coverage on a used financed car, it’s time to seal the deal! All you need to do at this point is head to your local Crawfordsville dealership and sign the paperwork. Before you go, make sure you have the following documents handy:

  • Valid Car Insurance Card
  • Valid Driver’s License
  • Proof of Income
  • Documentation for your trade-in value, if applicable

Learn How to Finance a Used Car with the Experts at Auto Express 

If you’re still unsure if you need full coverage on a used financed car, our team of auto finance experts is happy to help you weigh your options. Contact us for details about full coverage insurance benefits for Lafayette drivers, and to explore used car in-house financing options at Auto Express.

 

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