Car Loan Insurance Requirements

Summary

Full coverage for a car bought with a personal loan is not mandated by Minnesota law, but lenders may require it to protect their investment. Always review your loan agreement for specific insurance requirements.

Full Conversation

Do you need full coverage for a car you bought with a personal loan yes or no
Hello ****, it generally depends on the terms of your loan agreement. Some lenders may require full coverage. However, the law does not require it. Can I know which state you are in? This information will help me provide a more accurate response.
Minnesota
Hello ****, in Minnesota:
- It's not a state law to have full coverage for a personal loan car.
- Lenders may require it to protect their investment.
- It's suggested to check your loan agreement.