No leinholder listed on auto policy
(MA) I recently changed my car insurance provider for a vehicle I’m financing, and my new policy shows “none” under leinholder. This is puzzling since my previous policy included the financing bank. Should I reach out to my new insurer to add the leinholder, or is it sufficient to just have the necessary coverage? My policy does include all the required protections for a financed vehicle.
Yes, you should definitely contact your new insurance provider and have them add the lienholder to your policy. While having the necessary coverage is important, most lenders require that they be listed on your policy to ensure that they are protected in case of a claim. This typically includes comprehensive and collision coverage, which are required on financed vehicles.
By adding the lienholder, you’ll help prevent any potential issues with your financing agreement. It’s best to reach out to both your new insurance company and the lender to confirm that everything is in order.