What Is Auto Liability Insurance? Car Insurance Frequently Asked Questions. Insurance for Leasing vs. This content is for informational purposes only and may not be applicable to all situations. Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications.
Connect With Us. Update Below. ZIP Code. City, State Set Your Location. You have entered an invalid ZIP. Please try again. Location data not available. Please enter zip code. Please Wait Updating Location It's taking a bit longer than expected. Your update should be done soon. This feature is not currently available. That said, a lessor the organization behind your lease, usually the dealership and a lienholder are similar in that it also has certain rights to your car.
The vast majority of states require two forms of auto insurance : bodily injury liability and property damage liability. But these only cover injuries to others or damage to their property, like their vehicle. Because your lienholder has a vested interest in your car, they usually require you to get additional coverage to protect the car.
The most common types of coverage lienholders require include:. You can check if a car has a lien against it by asking the current owner to see the original Certificate of Title. The lienholder will be listed on the title. If not, you can use services from companies like Experian or CARFAX to get a comprehensive report on the car, which will list any outstanding lien.
But when buying a car with a lien, you should expect a few extra steps to either get the lien discharged or to refinance it into a private loan so the car seller can take the debt and you can take the vehicle. There, you can split the amount you agreed to pay toward the car. Both of these options can get a little complex, though. If you have an outstanding car loan but want to sell your vehicle, review the options we laid out for people interested in buying a car with a lien.
Those are your best paths for selling your car to a private party. You can also sell your car to an auto dealership. If the sale proceeds from your car will be enough to cover your car loan, the dealership usually arranges to pay the loan on your behalf.
Either way, you can get your lien discharged as you sell your car. When you file a claim , the check your insurer makes out may be directed to both you and your lienholder. Specifically, it may want proof the money you got from your insurer went to repair your car.
To best protect yourself in this situation, save every piece of documentation related to your insurance claim and the repair of your vehicle. Next Advisor Logo. Share Share on Social Media. Editorial Independence NextAdvisor is not a licensed insurance company, agency or broker and we do not sell, solicit or negotiate insurance.
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