Do I need full coverage car insurance in Florida if I have a car loan?

A typical auto insurance policy will include several kinds of different coverage. An independent insurance agent can give you great advice on the type and how much car or Truck insurance in Florida you need. Before you start shopping for cocoa beach car insurance in Florida know the basic rules of insurance.

So do I need full coverage since I have a car loan?

Normally you will need to have full coverage on a vehicle if you are paying out on a loan. Florida will require you to have coverage that will meet the needs of a specified minimum. If you have a lien holder on your vehicle, you will be required to carry liability, collision, and comprehensive insurance.

It is not required by Florida to have full coverage insurance on your car. However, the requirement will be made by your lender or finance company. The lender is known as the lien holder, the car will remain their asset until it is completely paid off. This is the number one reason why they have a say in what insurance coverages you must have.

Let’s say you go out and drop the recommended coverage from your vehicle.  According to, you have now violated your contract, and now your loan is in turmoil. Your lender could simply add an interest charge to your loan or add a premium to the loan.

Speak to your lienholder

In order to find out if you have to have coverage on your financed vehicle, speak to the lien holder. You may also find the information you need on your paperwork. However, don’t be surprised when the answer is yes. Mostly all lien holders require you to have full coverage. If your car becomes damaged or totaled and you do not have proper insurance to pay it, they will come to you personally to repair the car or pay it off in full. This is so much harder than having the insurance company take care of it.

In order to find the full coverage insurance you need, start your search here for cocoa beach car insurance in Florida. If you are looking for the best online auto deals, then collecting quotes is your best friend. It is easy to get the quotes you need. Simply visit any major insurance company website, enter the information required, hit the button, then receive your quote! Remember it is mandatory to have full coverage if you have a car loan. Get your quote today.

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