Is this true that financed cars require a full coverage on auto insurance?

YES...However, if you are storing the car in the winter and not driving, some banks will allow you to put "fire & theft" Coverage on it. Call your finance company

Yes, you must have full coverage, in the amounts dictated by the lender. However.......even with full coverage, the insuance will only pay what the car is worth if it is totaled or stolen, not what you owe. So, if you are upside down on your loan, you need GAP insurance too. Otherwise, you'll find yourself having to come up with some serious cash to fully pay off your loan if your car is totaled or stolen, or burned.

Yes it is true - the reason is so that if the vehicle is in an accident, the finance company will be paid in full (or near to it)

You are very inquisitive :]

you need to have collision because the finance company or bank really owns the vehicle, until you've paid it off, if you just have an all purpose loan that is not necessarily for cars then you won't, but if they have a llienon your vehicle then you will, it is good though because without it, if your car was totalled you would still have to keep paying your loan

No, absolutely not so.

The only things you need on a financed car are comp and collision, the bank does

not require liability. That is required by state or local laws, not banks.

Yes, it is a condition of getting the loan. Some lenders even specify coverage limits and deductible amounts.

yes unless ur financing it in an for sale by owner deal in which case u may not have to.....or have it in storage.........but even then u will have to carry some sort of coverage......

the reason for this is so if u wreck the car the finance company gets paid the money owed........u don't really get **** if ur at fault.....good luck

In the USA, Lien holders require only collision and comprehensive coverage, 48 states require liability insurance (Wisconsin and New Hampshire do not require automobile insurance at all)

yes that is completely true