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Liability Insurance, or Rather Financial Responsibility are required by Law. Comprehensive and collision insurance is required by the terms of your finance contract with the lender. Failure to comply with the terms of your purchase contract can result in the following 1. Forced place coverage by the lender, which is much more expensive than buying the coverage yourself. The amount will be added to your finance note 2. Vehicle Repossesion by the lender. Failure to maintain your lender required coverage is a defaulting breach of your purchase contract.
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Earn +20 ptsQ: What happens when you drive with liability only on a financed car?
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