General Insurance

I have my car financed in my name but my license and tag is suspended, and I'm trying to get my car registered in someone else's name.

If you are the owner, you will always have to be listed on the policy. If you need to be a nondriver some companies will work that out for you.
Jan 18, 2021 Spartanburg, SC

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Most Recent

Car Insurance Costs General Insurance

My husband and I want to co-own or lease a vehicle with a friend, and we both have teen drivers. How would insurance work?

This is a unique situation, but one that you can still work around. If you finance or lease the vehicle, you will need to use the same address for the vehicle and the insurance policy.
Dec 29, 2020 San Francisco, CA

Car Insurance Costs

What happens if you can't afford full coverage on a financed vehicle?

Sorry to hear about the situation. Rates for 18-year-olds tend to be high to begin with.
Jun 26, 2020 New Orleans, LA

Coverage & Claims

Is the lienholder in any way responsible in a car accident?

A lienholder would not be responsible for your accident. The lienholder would receive the claims payout for the vehicle if insurance got involved.
May 29, 2020 Anderson, IN

RV Insurance

Can I insure an RV bought from a friend if the loan is in her name?

This situation could cause a few issues. You cannot insure property that you do not own.
May 18, 2020 Willis, TX

Coverage & Claims

My car was a total loss. Will the other insurance send the money to my lienholder?

Sorry to hear about your situation. I would check with your gap coverage provider.
Mar 12, 2020 Columbus, OH

Car Insurance Costs General Insurance

As a co-borrower on a car loan, what happens if the insurance payments aren't made?

The policy would cancel if she doesn't pay the premiums. Legally speaking, this wouldn't have an effect on you if you're a non-driver.
Feb 4, 2020 Culver City, CA

Coverage & Claims

Is it illegal to carry liability insurance rather than full coverage on a financed vehicle?

Though it's not illegal, you will be violating the terms of your loan if you change the breadth of your coverage in favor of liability-only. Your lienholder will then force-place collateral protection insurance to your monthly payments.
Jan 27, 2020 San Antonio, TX

General Insurance

Can force-placed car insurance be removed on a car that does not work?

Most loan terms require that the financed vehicle must carry the comp and collision coverage. Even if the vehicle is broken-down and non-functioning, you still have to follow the stipulations set by your lienholder.
Jan 27, 2020 New Albany, IN

General Insurance

Can a lender dictate what my deductible is?

Unfortunately, the terms of your loan can dictate what your coverage deductibles must be. Your lienholder may not necessarily notice right away if you change your deductible, but if they catch on they will add force-placed insurance, also known as collateral protection insurance, as a part of your monthly payments.
Jan 24, 2020 Jacksonville, FL

Eligibility

Can I cancel insurance on a financed vehicle if I have gap insurance?

In most cases, gap insurance is only applicable if the vehicle is totaled in an accident — not due to mechanical or motor issues due to wear-and-tear. So it would not apply in your situation.
Oct 2, 2019 Dallas, TX
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