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Discussion Starter · #1 · (Edited)
I have been driving beat on used cars for the past 4 years and I'm going to finally treat myself to a new Cobalt SS. My first new car.

Only question I have is for insurance. Since I have been driving these crap cars, I never had full coverage on my cars, no point. I am of course going to do payments on this Cobalt (don't have 20K or so in my pocket), if I do payments am I required to have Collision and Comprehensive coverage on the policy due to me not actually owning the car (loaning)?

I know it probably depends on the bank at the dealership but the dealership I plan on going to is far and I don't want to drive out for nothing.

Thanks for putting up with a noob like me,

- Wes
 

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WSFrazier said:
I have been driving beat on used cars for the past 4 years and I'm going to finally treat myself to a new Cobalt SS. My first new car.

Only question I have is for insurance. Since I have been driving these crap cars, I never had full coverage on my cars, no point. I am of course going to do payments on this Cobalt (don't have 20K or so in my pocket), if I do payments am I required to have Collision and Comprehensive coverage on the policy due to me not actually owning the car (loaning)?

I know it probably depends on the bank at the dealership but the dealership I plan on going to is far and I don't want to drive out for nothing.

Thanks for putting up with a noob like me,

- Wes
As far as I know most(probably all) banks/dealerships require full coverage on cars that they own the pink slip for(loaning). I think that is what you were asking. When you go to the dealership though you just have to prove you have insurance. Then a month later show that it is full coverage and maintain full coverage through out the loan.
 

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many years ago when i had an absolutely shittly driving record, i bought a new truck, and like the previous mentioned almost all banks and finance companies require full coverage insurance, i got full coverage and it was really expensive. After one month i swapped my coverage to the state minimums of liabilty because it was a lot cheaper. Anyway, to make a long story short i had the thruck for a little over 2 years with just liability coverage and nothing was ever said. Given this is you get in an accident, and it is your fault, you will be nothing less than fucked, espicially if it is a bad wreck. Fiance companies require this in case of an accident the car can be fixed and if it is totalled they can get their money paid back without worring whether or not you are going to pay for the car. I.E. you wreck you car and it is totalled and it is your fault, you only have liability Ins coverage, you then dedide that you arent going to pay for a car that you cant drive so you stop paying and they repo your wrecked car and only get to sell it for far far less than it is worth<-----they are now out of a lot of $$$$$$$$$$.
 

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Required to have full insurance from my insurance company noone else cared as long as I had my Pink Slips.

(I wouldn't even think about not having the maximum benefits for what could easily end up being a case of the stupids once. You never know what can happen....period)

If you penny up for a spanky new car, penny up for the proper insurance coverage!
 

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Discussion Starter · #5 ·
I know im bring back a dead thread, but I figured I would reply this instead of a new one.

Can anyone recommend a good/cheap insurance company? I got a free online quote from geico and they are saying about $2700/6 months. This will be my first new car, and I had my license only a year. I make anywhere from $700-$1000 a month and the car payment with trade-in will probably be around $300/month. So I would like to keep insurance to $200/month at the most. Need some money for gas, lol.

I guess if I must I can have my dad purchase the car and stay on his policy, but I would like this to be in my name so I can start building up some credit for the future.

- Wes
 

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i was paying $2200/ 6 months at state farm, then i switched to esurance and its $1300/6 months. big diference. get a quote from them and see what they tell you
 

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WSFrazier said:
I know im bring back a dead thread, but I figured I would reply this instead of a new one.

Can anyone recommend a good/cheap insurance company? I got a free online quote from geico and they are saying about $2700/6 months. This will be my first new car, and I had my license only a year. I make anywhere from $700-$1000 a month and the car payment with trade-in will probably be around $300/month. So I would like to keep insurance to $200/month at the most. Need some money for gas, lol.

I guess if I must I can have my dad purchase the car and stay on his policy, but I would like this to be in my name so I can start building up some credit for the future.

- Wes
Co-signing will build up your credit also.
 

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WSFrazier said:
I got a free online quote from geico and they are saying about $2700/6 months.

OUCH! That sucks. I have Allstate and I have full coverage (100,000 and 300,000, The highest) and I am 22 going to be 23 in Nov. and have my own policy and I pay $120/month. Actually with a SmartBuy you do own the vehicle. The title is in your name and is sent to your house. The lender does not hold the title anymore because of lawyers finding the loop hole and suing GMAC when there were car accidents because GMAC or whoever the lender is held the title during the LEASE. The lawyers were getting loads of money because no one knew who actually owned the vehicle because during a lease the leasee did not hold the title, the lender did so technically the lender was responsible and now we have the SmartBuy same as a lease instead we hold the title and it is in our name and we also have the option to buy or turn it in or sell it on our own if we want. But if you take the last option you obviously still have to pay off the loan
 

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CobaltSS422 said:
OUCH! That sucks. I have Allstate and I have full coverage (100,000 and 300,000, The highest) and I am 22 going to be 23 in Nov. and have my own policy and I pay $120/month. Actually with a SmartBuy you do own the vehicle. The title is in your name and is sent to your house. The lender does not hold the title anymore because of lawyers finding the loop hole and suing GMAC when there were car accidents because GMAC or whoever the lender is held the title during the LEASE. The lawyers were getting loads of money because no one knew who actually owned the vehicle because during a lease the leasee did not hold the title, the lender did so technically the lender was responsible and now we have the SmartBuy same as a lease instead we hold the title and it is in our name and we also have the option to buy or turn it in or sell it on our own if we want. But if you take the last option you obviously still have to pay off the loan
i have the same coverage and im the same age and i have state farm and pay 104 a month and only 60 a month for the lt
 

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$647 cdn every six months. Full coverage. I love my insurance people. 10 years with.
 

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Discussion Starter · #11 ·
Wow it would be cheaper to get AllState than it would be to get on my dad's policy at geico. Here I thought geico was suppose to be cheap. AllState is $1036/6 Months.
 
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