Why Inaurance Matters on Delaware Title Loans
Keeping sufficient insurance coverage on in place on your motor vehicle can help protect both the borrower and the lender on Delaware Title Loans. The insured’s vehicle and personal property are normally covered in the event of an accident or theft under the collision and comprehensive portion of the automobile policy. Whereas the liability coverage is designed to pay expenses to another party for which you may become responsible due to an accident.
The risks of being uninsured or under-insured can lead to financial disaster and even bankruptcy. Capitol Title Loans wants only the best for our Delaware Title Loan clients. That is why valid insurance coverage is a requirement on all of our Delaware Title Loans. We understand that when borrowing, our customers sometimes seek to control their costs by reducing insurance coverage. For the liability coverage, Capitol Title Loans only requires the state minimums (the most affordable) on Delaware Title Loans. Collision and comprehensive coverage is required on Delaware Title Loans due the typically large loan amounts of these transactions. However, for smaller loan amounts, this requirement may be waived. This coverage is to provide protection to the borrower and Capitol Title Loans should the vehicle be damaged, totaled or stolen while the Delaware Title Loan is outstanding. In such circumstances, the insurance company would pay up to the limits of coverage and the borrower would be relived of what could be a significant financial burden.
By agreeing to maintain the required insurance coverage on the motor vehicle while your Delaware Title Loan obligation is outstanding with Capitol Title Loans, you are best protected from possible financial and even perhaps legal damages.