Awasome Does A Financed Car Need Insurance References. Most lenders will require you to carry full coverage on a financed car. In this case, gap insurance would cover that $2,500 bill for you, leaving you free to purchase a new car.
The actual cash value of the vehicle is $14,000 — which is what your insurance company will typically pay — but you still owe $17,000 on your loan. According to data from autoinsurance.org, the average u.s. Read on to learn more.