State's requires you to meet the minimum liability insurance coverage to legally drive your car, however if you have a car loan you will need to have full insurance coverage:
Liability insurance – helps pay for the other person's expenses in accidents you cause.
Collision insurance – pays for damage to your car regardless of who caused the accident
Comprehensive insurance – pays for damage to your car from flooding, hail, fire, vandalism, falling objects or animal collisions, and also covers theft
If you are unable to have the required full coverage on a financed car it will violate your finance contract and the lender may force you to pay for single interest coverage which protects the bank from loss or damage to personal property that is the collateral for loans. It is expensive and does not provide any coverage for you.
Do you need to match the value of the vehicle for liability coverage for a financed car?
No, liability insurance has nothing to do with the value of your vehicle. It is for repair of another person’s property or for their medical bills if you are found responsible for causing the damage or injuries. The cost for liability insurance is based on a number of different factors that includes the cost of your coverage. The higher your coverage limit, the more you’ll likely pay for liability insurance.
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