General Insurance

How do you insure a car that is not being driven but is held for collateral by a bank?

Whether or not the vehicle is being driven, you still need the state minimum liability coverage — in Mississippi, the state-required liability limits are 25/50/25, meaning you are required to carry $25,000 per person and $50,000 per accident of bodily injury coverage and $25,000 in property damage coverage. In most cases, if the vehicle is used for collateral for a loan, the loan company will require you to have comprehensive and collision coverage to protect your vehicle.

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Eligibility

Can I purchase additional coverage for the same car through a different insurance company?

No, you would need to get a new policy since every policy needs to have the state minimum liability for Illinois and then you would be able to add comprehensive and collision coverage. Keep in mind, because of the age of the vehicle, there are some companies that will not add comprehensive and collision coverage. The Zebra can quote you with several different companies.
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