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Question
Do you have to carry full coverage insurance on a loan under $5,000.
Hi John,
I would surely insure the value of the vehicle for at least the amount of your loan.
But if that is all you can afford, then PLEASE DO NOT DRIVE. It is irresponsible to drive without insuring yourself and your passengers with FULL COVERAGE for BOTH medical payments AND uninsured motorist coverage (UIM).
It is NOT you, John, who is going to be the cause of an accident. No, instead it is going to be some doofus who is driving without any liability insurance, merrily cruising along, perhaps under the influence. THAT is the real danger here. He will have no insurance, and all the damage he does to you and your passengers needs to be paid via your OWN UIM COVERAGE. Does that make sense?
Here are a couple of pages that show the smartest way to buy auto insurance
http://www.settlementcentral.com/page8006.htm
auto insurance explained http://www.settlementcentral.com/page8008.htm
Best wishes,
Dr. Settlement, J.D. (Juris Doctor)
www.settlementcentral.com
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Answers by Expert:
Doctor Settlement
Expertise
27 years of front line plaintiff`s trial lawyer experience in PERSONAL INJURY INSURANCE CLAIMS. Along with other attorneys and insurance adjusters, we have created a website to help injured people settle their own personal injury claims. With the help from feedback from hundreds of satisfied members, www.settlementcentral.com has become THE AUTHORITY for Internet personal injury insurance claim settlements. I am humbled and honored if people can benefit from my experience and current volunteer work in helping injured people. I hope I can explain things in a manner that is useful for the questioner. If not, do not hesitate to e-mail me and I will take a second shot at it! Best Wishes for your physical and financial recovery.
Experience
Life Experience: 27 years of front line plaintiff's trial lawyer experience
Organizations:
American Trial Lawyers Association
Washington State Trial Lawyers Association
Publications: (Click on Title to Read)
Statute of Limitations
Vehicle Accident
Accident--Adjuster
Demand Letters
Policy Limits
Education/Credentials: J.D. (Juris Doctor) 1977
Awards and Honors:
I am humbled and honored everytime I am selected to help injured people. And when people give feedback that they have benefited from my experience and current volunteer efforts, then that is a double honor and award for me.
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