Honda Financial & Insurance Limits
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Join Date: Feb 2006
Location: St. Louis, MO
Age: 47
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Honda Financial & Insurance Limits
Bought my TSX yesterday, will be off the truck sometime this week.
I have financing through my credit union but also filled out a credit app with Honda Financial just to see if they could beat the rate.
I know that when you lease through HFS they require you to have high limits on your insurance (usually $100/300), however, is this the same when you finance through them as well?
My credit union does not require limits that high (I usually carry $50/100), and I don't want to go with Honda if I would be required to carry high limits. At that point, any savings in interest rate would be more than offset by an increase in premiums.
I have financing through my credit union but also filled out a credit app with Honda Financial just to see if they could beat the rate.
I know that when you lease through HFS they require you to have high limits on your insurance (usually $100/300), however, is this the same when you finance through them as well?
My credit union does not require limits that high (I usually carry $50/100), and I don't want to go with Honda if I would be required to carry high limits. At that point, any savings in interest rate would be more than offset by an increase in premiums.
#2
I can't answer your question on what's required - but I personally think it's foolish to go anything less than 100/300. The way people sue these days - any lawsuit could wipe you out. I have $1 M liability on my cars along with an additional $1 M umbrella (which I'm thinking up upping to $2 M). I am not in the insuance field - this is just my opinion.
-Keith
-Keith
#3
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I would carry higher limits but really have no assets except the car (no house, etc). Good luck getting any more than what insurance will pay out!
#4
Originally Posted by wiltok
I can't answer your question on what's required - but I personally think it's foolish to go anything less than 100/300. The way people sue these days - any lawsuit could wipe you out. I have $1 M liability on my cars along with an additional $1 M umbrella (which I'm thinking up upping to $2 M).
#5
Polar Chicken
Honda wont requpre more than 100k in coverage but they will requie a lower deductable. I have 1.5m in insurance and feel every penny is worth it as that amount can still evaporate in a few weeks as a result of a serious accident. Considering the cost is only about $40 more a month it is well worth it in my opinion.
#6
Polar Chicken
Assets
Originally Posted by ckiggins314
I would carry higher limits but really have no assets except the car (no house, etc). Good luck getting any more than what insurance will pay out!
You should note that in the U.S. if you are at fault the plantive is automaticly entittled to 30% of your income for 10 years, and that is just for starters. Dont think of it as what can they take now, but what can they take over my life span.
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