Originally Posted by Cacowgirl
If payments are being made on the car-it's my understanding collision coverage is mandatory-that means damages to that car is covered & it's more expensive!
Collision coverage isn't mandatory in all US states, CC. It also depends on the lienholder, and whether or not they require it.
Britt, full coverage is a heck of a lot different than just basic liability/collision coverages. Collision coverage on a vehicle with a lienholder is to protect them
, not you. It also depends on the year and mileage of the vehicle and what kind of shape it was in prior to the accident, whether or not you'll still have a loan balance to pay off if the vehicle gets totaled.
Not only do I have a top of the line insurance plan, I also have GAP, which will pay off any existing money owed to my lienholder should whatever my insurance company pay fall short of the loan amount due.