Can Someone Else Insure My Financed Car

If you’re financing a car the lender will require that you have insurance before you can drive the car off the lot. But what if you already have a policy? Is it possible to transfer your insurance to the new car? The answer is maybe. Here’s what you need to know.

When you finance a car the lender will usually require that you have full coverage insurance. Full coverage insurance includes collision and comprehensive coverage which protect your car in the event of an accident or other damage. If you don’t have full coverage insurance you may be required to purchase it before you can drive the car off the lot.

If you already have a full coverage insurance policy you may be able to transfer it to your new car. However it’s not always that simple. Here are a few things to keep in mind:

– Your insurance company may not allow you to transfer your policy. Be sure to check with your insurer to see if they allow policy transfers.

– Even if your insurance company allows policy transfers they may not cover the full value of your new car. If your car is worth more than your current policy covers you’ll need to purchase additional coverage.

– You may need to purchase a new policy if you’re moving to a different state. Insurance laws vary from state to state so your current policy may not be valid in your new state of residence.

When you’re financing a car be sure to check with your insurance company to see if they allow policy transfers and if they’ll cover the full value of your new car. You may need to purchase additional coverage if your car is worth more than your current policy covers. And if you’re moving to a different state you may need to purchase a new policy altogether.

Can someone else insure my financed car?

Yes but the lienholder must be listed on the policy.

I just bought a car.

Can I insure it right away?

Answer: In most cases yes.

You will need to provide your insurance company with some information about the car such as the make model year and VIN.

Do I need insurance if I don’t own a car?

Answer: If you don’t own a car but drive someone else’s car regularly you should be covered by that person’s insurance policy.

If you don’t own a car and only drive occasionally you may be able to purchase a non-owner’s insurance policy.

I’m renting a car.

Do I need insurance?

Answer: Yes.

Your personal auto insurance policy will not cover damage to a rental car.

You will need to purchase a separate policy or purchase the rental car company’s insurance.

I want to insure my car for more than it’s worth.

Is that possible?

Answer: Yes.

This is called “agreed value” or “stated value” coverage.

You will need to purchase a special policy that covers your car for more than its actual cash value.

I just got my license.

Can I get insurance?

Answer: Yes.

Most insurance companies will insure new drivers.

You may have to pay a higher premium but you will be able to get coverage.

I had an accident.

Will my insurance rates go up?

Answer: It depends.

If you were at fault for the accident your rates will probably go up.

If you were not at fault your rates may stay the same or even go down.

I want to cancel my insurance.

How do I do that?

Answer: You will need to contact your insurance company and tell them that you want to cancel your policy.

They will usually require you to submit a written request.

I missed a payment on my insurance.

Will my policy be canceled?

Answer: It depends on your insurance company.

Some companies will cancel your policy if you miss a payment while others will allow you to make up the payment.

I’m moving to another state.

Do I need to get new insurance?

Answer: Yes.

Your current auto insurance policy will not be valid in another state.

You will need to purchase a new policy that meets the requirements of the state you are moving to.

I just bought a new car.

Do I need to get new insurance?

Answer: Yes.

You will need to contact your insurance company and let them know about your new car.

They will need some information about the car such as the make model year and VIN.

I want to add my teenage daughter to my insurance policy.

How do I do that?

Answer: You will need to contact your insurance company and let them know that you want to add a new driver to your policy.

You will need to provide them with some information about the new driver such as their name date of birth and driver’s license number.

I’m getting divorced.

Do I need to get new insurance?

Answer: It depends.

If you are the primary driver on your current policy you will need to get new insurance.

If your spouse is the primary driver you may be able to keep your current policy.

My teenager just got their driver’s license.

Do I need to get them insurance?

Answer: If they will be driving your car then yes you will need to add them to your insurance policy.

If they will be driving their own car they will need to purchase their own insurance policy.

I want to insure my car for more than it’s worth.

Is that possible?

Answer: Yes.

This is called “agreed value” or “stated value” coverage.

You will need to purchase a special policy that covers your car for more than its actual cash value.

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