Auto Insurance Quotes Online Coral Springs Florida FL
Reader’s Question:
I recently purchased a car through a bank loan here in Coral Springs Florida FL. It’s intended as a surprise for my daughter when she gets back home for her birthday from a study tour in Europe. Do I still need auto insurance when I’m not driving this vehicle?
Gladys
Coral Springs, FL
If all moms are like you, Gladys, Coral Springs Florida FL would be full of very happy daughters.
When a bank grants a car loan, the car automatically becomes loan collateral. Your Coral Springs Florida FL bank probably let you sign not only a promissory note for the loan but also a chattel mortgage document on the car. In legal language the bank has a lien on the car. And I guess the bank’s loan officer also explained to you that the lien is there so that in the unlikely event that you can’t pay the loan for whatever reason, the bank can take possession of the car, sell it, and recover the loan from the proceeds of the car sale.
The picture is like this: you own the car because you purchased it. But in effect the bank also owns it because of its lien on it; for this reason the bank would expect you to take good care of it. The bank would probably insist that you buy comprehensive auto insurance policy on it to show your love and care. No matter what misfortune befalls on the car, there’s an auto insurance carrier that takes care of the financial burden.
Get information on comprehensive auto insurance premium rates in Coral Springs Florida FL by entering your zip code on the form you find on this page.
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