Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for I

[learncontinuously]

I live in Illinois. I just purchased a new car at a local toyota dealership. They approved me for 0% financing. My wife and I was very happy. Now, I have to pay around $400 a month which we can barely afford it. In the process of purchasing. We have been told that all we need to do is "go to your insurance company and update your information and your new car." I never be told that I need a full coverage on the new car. I did not know it either. Then, in the next day of purchasing. I went to my insurance company and they told me over 99% of the financing car need to pay for full coverage which is around $210 per month. It is extremely hard for me to handle this based on my financial situation now.
Then I went home double check the contract. It did have this registration. However, the guy in the dealership never went through it with me. If he did, I will no buy the car because I cannot afford it.
What should I do now? Please help and give advise. Thanks!!!

 

[Texasproducer]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

Maybe move out from under the rock you live under. Just kidding. Of course you would need full coverage.

 

[FL P&C Broker]

Return the car? .....

 

[KidsGotHeart]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

I second return the car if you can.

 

[Josh]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

Usually once you drive it off the lot it's yours.

You're going to learn the lesson the hard way, but you gotta insure it. They should have covered this with the loan, but it sounds like you just got yourself into a situation without much room for help. MA is tough with car insurance too, you may be able to save a few bucks by shopping it.

Also, in the "life advice" column, it's rarely a good idea to buy a brand new car if you're struggling financially, even at 0% interest.

 

[xrac]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

You have purchased more car than you can afford. Shop the insurance with a good independent carrier and see if you can get a better rate. Are there other expenses you can cut: Starbucks, dining out, cable TV, get rid of a car, stop going to movies, etc. How about picking up and extra part time job. You have a mess and you will have to figure out a solution.

 

[thomasm]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

Been there before, except I didn't have 0% financing! Sell the car!

You may have to take a small loan out to pay the difference since the car has probably dropped in value since you drove it off the lot.

 

[Norwayguy]

Usually once you drive it off the lot it's yours.

You're going to learn the lesson the hard way, but you gotta insure it. They should have covered this with the loan, but it sounds like you just got yourself into a situation without much room for help. MA is tough with car insurance too, you may be able to save a few bucks by shopping it.

Also, in the "life advice" column, it's rarely a good idea to buy a brand new car if you're struggling financially, even at 0% interest.

A much more respectable post than I could have done. I would also point out that in the future before completing the purchase for any vehicle that a person should know what the costs to insure it would be as well.

 

[rugerred]

A much more respectable post than I could have done. I would also point out that in the future before completing the purchase for any vehicle that a person should know what the costs to insure it would be as well.

I have called the insurance agent from the dealer before signing. Its part of buying a new vehicle and has to be figured into the budget.

Sent from my Samsung Galaxy

 

[ABAInsurance]

Re: Please Help! I Just Purchased a New Car. I Found that I Need to Have a Full Coverage Insurance for It and I Cannot A

higher deductibles is your friend.