Do I have to put full coverage on the insurance, if I finance a used car?

Hey i'm planning on financing a used car and was wondering if i have to put full coverage on the insurance. It's going to be a 2003 Aura RSX, any help I can get i would really appreciate it. Thankyou

Public Comments

1. Untill you pay the loan off you are required to hold full coverage. The lender requires it.
2. I think it depends on the state you live in. Minnesota requires full coverage on all financed vehicles, used or not.
3. The Finance Company usually requires that you have full coverage.
4. No, when you buy a used car, you can't get full coverage only liability. I should know, I have three used vehicles. SusanF
5. yes you need full coverage if you dont get it they will put that in your monthly payments making them higher
6. Only the fiance company can answer that question. It may be required as a condition of getting the loan. Ask them.
7. All financed cars must have full coverage. When the car is paid off you can decide to keep collision/comp or just liability only. The dealer/lender will probably require proof of full coverage before you can take delivery.
8. Most lenders require you to carry full coverage insurance. Some smaller lenders such as tote the note car dealerships may not require it.
9. Yes, anytime you have a lender/lienholder, full coverage insurance is required, until the loan is paid in full. At that point, it's up to you if you carry full or just liability.