*Business questions>>>Insurance Questions

I'm making payments, am I "Required" to have Full-Coverage Insurance?

Question:
I live in Southern California, and am making payments on a 2000 Toyota Tacoma through HSBC Bank. My insurance payments are $344.00 a month (more than my truck payment!) since I have two speeding tickets and am 22yrs old. Am I required to carry Full-Coverage, can I get away with liability only?

Answer:
You are only required to carry collision and comprehensive coverages which protect the vehicle you are financing. I agree that raising your deductible is a good idea if you are looking to cut costs. Make sure that you are getting any discounts available such as anti-theft device, mileage discount, etc. Review what you are carrying for liability. You may have more coverage there then you can afford. If you dont have any assets that you need to protect perhaps lowering your liability for a while would be helpful. Call your insurer and explain your money is tight and have them review your coverages in detail-that is there job.
Good luck.