No lienholder listed on auto policy
I recently changed my car insurance provider for a vehicle I’m currently financing, and I noticed that my new policy states “none” under lienholder. This is puzzling because my previous policy included the bank that financed my car. Should I reach out to them to add the lienholder, or is it sufficient to only have the necessary coverage for a financed vehicle?
It’s important to have your lienholder listed on your auto insurance policy if your vehicle is financed. The lienholder has a financial interest in the vehicle and typically requires that they are added as a lienholder on your policy. This ensures that they are notified in case of any changes to the coverage or claims.
Since your new policy shows “none” under lienholder, you should definitely contact your insurance provider as soon as possible to add the bank or financing company. While having the right coverages is essential, it’s also crucial to ensure that your lienholder’s information is properly reflected on the policy to meet the terms of your financing agreement. Reach out to both your new insurance provider and your financing institution to ensure everything is in order.