Question
Do I have to tell my car insurance company about my lien?
When I sign up for insurance, they are aware of the lien on my vehicle and who the lienholder is right?
Answer
Ava joined The Zebra in 2016 as a licensed insurance agent and writer. She now serves as director of insurance content, leading coverage strategy and…
Credentials
- 9+ years of Experience in the Insurance Industry
You must report a lienholder to your insurer
Insurance companies do not know who the lienholder is without it being explicitly provided, but many insurance agents will ask for it when they write the policy if you mention that your vehicle is financed. In general it's always recommended that you be as transparent as possible when getting car insurance quotes.
Also keep in mind the lienholder – aka lender, which can be a bank or other financial institution – will likely require that you list them on your car insurance policy until your loan is paid off, and may even require that you purchase a certain type of vehicle coverage. Hope this helps!
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