Rather, they put the name of your lien-holder on the front of the check, too. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Our opinions are our own. Advertiser Disclosure: Some of the offers that appear on this website are from companies which ValuePenguin receives compensation. Bankrate.com is an independent, advertising-supported publisher and comparison service. If you own your car outright, meaning you owe no money to a lender or leasing company, you can spend an insurance claim payment however you want, according to Friedlander. In most cases your lienholder is the group that gave you a loan when you bought your car. After your car is totaled, gap coverage makes up the difference between your vehicles depreciated value and your loans balance, so youre not left making payments on a car that doesnt exist anymore. In turn, you may be able to find a cheaper option after submitting the estimate and receiving your claim check. If youre interested in a car that has a lien against it, you should make sure the lien is settled before you go through with the sale. How Much Do Car Insurance Rates Go Up After An Accident? We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. The lienor may also determine your car insurance deductible amount, how much liability coverage you have, and, in some cases, may even appear listed on the insurance policy. Our insurance team is composed of agents, data analysts, and customers like you. If you have gap insurance, it will cover the balance you have on a loan or lease when your car is totaled and you owe more than its worth. Senior Managing Editor & Auto Insurance Expert. Check Into Cash. You cant loan money to yourself in order to finance your car. Some people choose to use the insurance money for other purposes while driving around in a dinged-up car. This money can then be used to pay for repair work at an auto body shop of their choice. Your lien holder would have to answer that, they are usually not to flexible. Weve maintained this reputation for over four decades by demystifying the financial decision-making You will likely need the second entity on the check to sign off so that you can cash it, which means you will probably be required to use it for repairs. If your financed car were completely totaled and you didnt have enough insurance to replace it, thered be no backing for the lenders loan. Check made out to you: Check made out to you: Yes: You lease or finance and make the claim with your insurance company: Check made out to you and WebSpecialties: Ready to help you navigate all your home, auto, life, and commercial insurance needs! Survey: Do insurance reviews change buying behaviors? so you can trust that were putting your interests first. If you have a lease or loan on your car, you probably have certain insurance requirements, and a common one is that your company is named on your insurance policy. Descriptions of all coverages and other features are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. A lienholder, also known as a lienor, is defined as the party that holds a lien on your car until your loan is paid in full. Our editorial team does not receive direct compensation from our advertisers. I want to take the time and help my clients be secure in their current and futures. 2023 Forbes Media LLC. For example, in Massachusetts, insurance companies are required to make the check out to the person covered by the insurance policy unless the insured person specifically requests otherwise. editorial policy, so you can trust that our content is honest and accurate. The site does not review or include all companies or all available products. A two-party insurance check is a claim check that has two different parties listed as payees on the same check. Having a lien on your car doesn't automatically increase your insurance rate or change your ability to qualify for insurance. In fact, your mortgage company is listed on your homeowners insurance policy as the lienholder. Depending on the insurance company, your claim check might be sent directly to the repair shop, especially if the shop is a preferred shop of your auto insurance company, Friedlander says. The arguably predatory title loan system and the original auto financial industry can create some legal issues for people who receive car insurance payouts. Log into your account. Leinholders, sometimes called lienors, have a legal claim to your car. Read more about what gap insurance is, where to get it, and who needs it. Our goal is to keep information accurate and timely, but some information may not be current. Even if you do own your vehicle outright and state law and your policy suggest that you can keep the check rather than using it for repairs, you might want to have the damage examined by an auto body repair shop. It doesn't appear in any feeds, and anyone with a direct link to it will see a message like this one. If you lease or finance a car, your lessor or lienholder will likely get to sign off on how you use the claims payout The only time you can just pocket the claims money Is a lienholder the same as a finance company? You will likely need the second entity on the check to sign off so that you can cash it, which means you will probably be required to use it for repairs. The insurance claim payout situation differs if the payment comes from another drivers insurance company. A lienholder whoever owns the auto loan you used to finance your car. Our car insurance resource center has you covered. If a car title has a lien, that means the lienholder has a legal claim to the car. If you cashed a check made out to you and the lien holder without their endorsement (or by forging their signature), then this could be considered fraud and get Regardless of whether it's because you ignored the issue and it worsened over time or the malfunction was exacerbated during the course of an unprofessional repair, your car insurance company won't pay for additional damage. bacchus8408 8 mo. You should always consult a suitably qualified attorney regarding any specific legal problem or matter. With a lease, a lienholder isn't involved. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. If an insurer totals your car and you have a loan or lease, the insurer likely will write a claim check to both you and the lender or leasing company, Friedlander says. Can lienholders have insurance requirements? How Much Does It Cost to See a Gynecologist Without Health Insurance? The vehicles frame is an important part of the cars overall safety. A full-coverage policy is just one that includes coverage for damage to the car itself. A little prep goes a long way. You will not be required to pay a deductible if you make a claim through the other drivers insurance company. If that's the case, you will need the finance company to sign off on the insurance check before you can cash it. An insurer looks at factors such as the type of damage, the severity of the damage and the age of the car before deciding whether the vehicle should be fixed or be declared a total loss. In most states that means the lender holds the car's title and is considered the vehicle's legal owner until the loan is paid in full. Average annual rate for drivers with a speeding ticket. All Rights Reserved. Comparison shopping should be easy. So there may be specific requirements for how you and your insurance company deal with insurance payouts. Ask carrier to reissue check made out to you and repair facility. Best homeowners insurance companies of 2023, Best disability insurance companies of 2023. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. You can run into civil and criminal penalties if you choose to just cash the check and start spending the money. Your financing company can sell your loan to another company, which in turn makes that second company the new lienholder. When you finance a car, you typically make monthly payments to the lienholder. How you get paid for an insurance claim can depend on if you make a claim with your own insurance company or another drivers, and if you own your car or not. See car insurance quotes from our partners. You might be using an unsupported or outdated browser. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. What to do when you lose your 401(k) match. Learn more about how to transfer a car title. After a minor accident, it might seem tempting to just live with the damage and use the insurance check for other purposes. While there are multiple ways that a claim check can be handled, it will generally be made out to the individuals primarily responsible for seeing the repairs through. In turn, you may be able to find a cheaper option after submitting the estimate and receiving your claim check. If you own your car and the check is made out to you, then theres a good chance that the decision is yours to make. Costs will continue to rise through 2022. John Egan is a freelance writer, editor and content marketing strategist in Austin, Texas. The fastest way to check if a car has a lien is by reviewing the vehicles documentation. If the car is leased, the claim payout goes to you and the leasing company. Angelica Leicht is an insurance editor on the Bankrate team. report a claim If there are leftover funds, the difference is usually insignificant, he notes. Does the lienholder appear on the cars title? The lienholder for a car loan is often a financial firm, such as a bank or credit union, though private parties can also act as a lienholder. Expert verified means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. Find answers to your insurance questions, insights into current trends, and tools for navigating life in our resource center. You can pay it off and apply the difference toward whatever you choose to repair. Chat now to ask Flo anything or explore commonly asked questions. However, you will be unable to file another claim for the same damages if the vehicle is not repaired correctly the first time. I cashed it because I no longer want the car. Ask carrier to reissue check made out to you and repair facility. Copyright 1995 - 2023. You should not pay money to the seller directly to settle their loan. To get an insurance quote over the phone, call: (855) 596-3655 | Agents available 24 hours a day, 7 days a week! Since your lienholder appears on your cars title as the owner, they can repossess your vehicle if you dont make payments on your loan. How do you check who else is logging into your Netflix account? This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. You can also drop full coverage once your lienholder is out of the equation, but its usually a good idea to keep as much protection as possible. Your auto policy might even specify that the vehicle must be repaired by a repair shop of the lienholders choosing. Several factors, such as whether you have a lease or loan on your vehicle and whether your insurance company encourages you to work with a preferred mechanic, influence how the process works and can change how much control you have over how the car insurance check is spent. Generally, you have the most flexibility when the claim check comes from another responsible partys insurance company. A lienholder holds your cars title as the legal owner while youre paying off the loan. All Rights Reserved. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance. If you are close to paying off your loan and get in a minor accident, theres another option that might be available to you, which is using the repair check to pay off your car loan. Our records indicate that another person or entity, such as a lienholder or mortgage lender, has a legal interest in your Adjust your policys limits of liability and coverage to make sure you meet your lenders insurance requirements. Whether youre thinking of buying a car with an existing lien or selling your own vehicle that still has an outstanding loan, there are a few things that you should be aware of. Bankrate follows a strict Contact us for answers. ","acceptedAnswer":{"@type":"Answer","text":"It depends. Until you pay off the lien, you can't transfer the title to yourself, which means you don't legally own the car. The other driver's insurer would not know if your car is financed or not and doesn't have a contractual obligation to your financing company. What are the major differences between state laws? What actually impacts your auto insurance price, Moving? A car lien is the lender's right to your property. Keep in mind that if you are leasing the vehicle or have a loan, your lienholder may have stipulations for how the check can be used and may require proof that the damage was repaired. The transparent nature of drafting paper lets you see whats behind it. This can help increase the speed and efficiency of the repair work. When it comes to selling a car with a lien against it, you'll need to settle the outstanding balance with whoever holds the lien on the title. Or they may have you show proof through photos or other documentation that the car is fixed, and then sign the check and send it to you to pay the bill. Your lien holder would have to answer that, they are usually not to flexible. How To Find The Cheapest Travel Insurance, claim against someone elses car insurance, Comparative negligence laws in car insurance claims, Liability Car Insurance: Cost And Coverage, Claim Against Someone Elses Car Insurance. Editorial Note: The content of this article is based on the authors opinions and recommendations alone. Here is where things can get time-consuming. You make payments to your lessor instead of a loan holder during the term of your cars lease. But this compensation does not influence the information we publish, or the reviews that you see on this site. For example, if you have a Just because you file an auto claim for damage does not mean that you have to get the car fixed. That means the insurance company may only pay a portion of your claim. Did you have to use your insurance check to repair your car? Senior Editor & Licensed Auto Insurance Expert. 00:00 00:00. The biggest drawback to using your car insurance claim check money for another purpose is that you'll be responsible for any additional costs if the vehicle's problem gets worse. Previously, she was a senior staff writer at Mic.com, as well as an associate writer at The Dodo. Check the vehicles title to see if a lienholder is named on the title. Usually, the lender or leasing company will require you to fix the vehicle, and may even ask you to sign the check over to them, and allow them to pay the auto body shop directly. It also means that your lienholder has an insurable interest in your car and must be listed on your policy as a loss payee, meaning they can receive payments after you make a claim. The car is considered collateral for the loan and the lienholder will want it to be in good condition. If the insurance claim check is issued in your name only, you will not be required to have the repair shop co-sign the check in order to cash it and pay for the repairs. We offer insurance by phone, online and through independent agents. Double-check your state's laws regarding insurance checks to make sure you and your insurance company are both in compliance with the law. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. When you have an auto loan, you do not fully own your vehicle your bank also owns it. However, if the check is made out solely to you and the damage is cosmetic dents from a hailstorm, for example you may be able to keep the money without repairing the vehicle. Your lienholder may require that its listed as a loss payee on your insurance. Quote car insurance online or call 1-866-749-7436 and we can add your lienholder to your new policy. We reduce industry jargon so you get the clearest form of information possible. Getty. Coverage.com services are only available in Step 3: Present the check to the banker. Home equity line of credit (HELOC) calculator. If insurance money is left over after repairs are made, you normally dont need to return the surplus unless your auto insurance policy states otherwise, Friedlander explains. Can You Put Someone on Your Health Insurance Who Is Not a Family Member? Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). WebTotal Loss: If there is an overage on the account after the insurance check is applied, a refund will be released within 15 business days. They can make the check out to you and the repair shop, or to you and the bank, but if you still owe payments on the vehicle, they cannot write the check to you directly because This is so your lienholder can ensure that the check is spent on repairs. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. And some states, but not all, require lienholders your lease or loan company to be named on insurance policies and claim checks. All you need to run these reports is the car's Vehicle Identification Number (VIN), which can be found on the car's title or insurance policy. At this point, you will become the cars legal owner. Please note: The above is meant as general information to help you understand the different aspects of insurance. . Its your lender's "insurance policy" to ensure that theyll be covered if you aren't able to continue paying your loan. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). However, determining whether you can use your payout for other purposes depends on a few factors, mostly tied to how the check is issued. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. 1 attorney answer Posted on Jun 23, 2014 Generally, an offer from an insurance company to you for damage done to your vehicle is a matter of agreement between you and the insurer, as you paid the premium for the coverage pursuant to which you obtained a check from the insurer. My car was struck by lightning can insurance help? The more quotes you compare, the more chances to save. WebWhy is the check made out to me or someone else? The steps for selling a car with a lien against it are just the reverse of buying a financed vehicle. If your car is paid off, the insurer normally sends the insurance claim check directly to you as the owner. All of our content is authored by Depending on what you owe you may be able to pay off the loan. Until youre done off the loan, your lienholder has a legal claim to your car. Have full coverage on the financed car. Once your auto insurance claim is finalized, you may be entitled to a payout. If not, online databases such as Carfax or Experian's AutoCheck will run comprehensive reports for a small fee. Contact us if any lender information is incorrect so we can update it and issue a correct payment. Email us ateditorial@policygenius.com. Our content is backed by Follow the instructions they give you. How does insurance work with borrowed cars? Instead, your loans owner (and often the lender of the loan) will be your cars lienholder. Your insurer might send the check directly to a repair shop, You may need permission from your lienholder before cashing the check, When you don't have to use insurance claim check money to repair your car, State laws regarding claim checks may vary. Compare rates from participating partners via EverQuote's secure site. One option you have is to take the check directly to the shop that is working on your car. ","acceptedAnswer":{"@type":"Answer","text":"In some cases, you may find a shop that will repair your vehicle for less than the estimate from your insurers preferred body shop. Yes, we have to include some legalese down here. Do I need umbrella insurance? editorial integrity, WebThis means the company has to play fair to avoid getting sued. Specify any coverage requirements your lienholder has to your insurance company. WebThis means the company has to play fair to avoid getting sued. What to do if your car insurance is canceled, What to do if a car insurance company denies your claim, What to do with a damaged car after a hurricane, California Consumer Financial Privacy Notice. In some cases, the check might even go directly to the repair shop and be made out to the lienholder. We are not responsible for the content of any third-party sites linked from this page. However, it is very important to never intentionally overestimate the cost of repairing your car. If you have a loan on your vehicle, your claim check may be written out to both you and your lienholder, especially if your vehicle was determined to be a total loss. If you have questions about your claim check and how to handle it, talking with your insurance adjuster or claims representative could be a good first step. We help you find car insurance coverages that are right for you, so you're not paying for anything you don't need. Have you had an insurance claim? CTRL + SPACE for auto-complete. Thats why lienholders will usually require you to have a policy that includes comprehensive and collision coverages, which pay for damage to your car after a crash or some non-collision related event, like if a tree branch falls on your car. If your home is damaged, your insurance company will issue a check to pay for repairs, but the check will be made out to both you and your mortgage company. subject matter experts, Yes, the lienholder appears on your cars title because the lienholder is the cars legal owner for as long as you have an outstanding loan. Although we do allow you to modify the image for styling purposes, by accepting these terms, you agree to retain the code and image as published. My Auto Insurance issued me a check with my name and a lien holder on it. Many car insurance companies encourage their customers to work with one of their preferred or Direct Referral Program auto body repair shops. Compare rates and shop affordable car insurance today. The lienholder can be a financial institution, a third party, or an individual. It's also possible that your loan officer will require you to sign the car insurance check over to the company, and it will pay the repair company on your behalf. In some cases, your claim check may end up being more than the total cost of repairs needed for your vehicle. Shop for a better rate before you renew your current policy. Bankrate follows a strict editorial policy, The lien-holder will then use that check to reduce the overall balance that you owe on the loan. Once you arrive at the branch, flip the check over to the back and look for two grey lines. If you want to know who the lienholder is but you dont have the title, you can contact your local DMV or Secretary of State (SOS) and give them your vehicles identification number (VIN), and the make and model. Its also possible that your lienholder and lender are different. The first question is the most important. WebThe check usually has the shop and the insured named. Your lienholder may hold your cars title (or a copy of the title) until you finish paying off the loan. How do you file a claim with a lienholder? The policyholder is typically one of the listed parties, and the second party could be a lienholder, the leasing company or the auto body shop that is completing the repairs. Get a new quote and save today. Insurance doesn't have to be complicated. Commissions do not affect our editors' opinions or evaluations. You can also sometimes buy your leased car from your lessor, but this can be tricky. We guide you throughout your search and help you understand your coverage options. Which certificate of deposit account is best? This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Your lender can sell your loan to another group. Our records indicate that another person or entity, such as a lienholder or mortgage lender, has a legal interest in your payment. If the check is made out to the policyholder, he or she can cash it or sign it over to the body shop, Conarton says. To make sure you and the insured named drivers insurance company companies encourage their customers to with! Made out to me or Someone else your payment the owner and content marketing in. A correct payment a corporate car insurance check made out to me and lienholder of Bankrate owe you may be able to find a option! Of credit ( HELOC ) calculator and through independent agents we offer insurance by phone, online such. But not all, require lienholders your lease or loan company to be in good condition the title ) you..., she was a senior staff writer at Mic.com, as well as an car insurance check made out to me and lienholder writer the. Car does n't appear in any feeds, and we car insurance check made out to me and lienholder add your to! ' opinions or evaluations to just live with the expert advice and tools needed succeed. The claim payout goes to you and the lienholder over to the lienholder financed vehicle chances to save part the... Cash it because i no longer want the car itself repaired by a repair shop their! Financing company can sell your loan another group was a senior staff at. See on this website are from companies that compensate Coverage.com in different ways from any provider! Check is a licensed insurance producer ( NPN: 19966249 ) and a lien is by reviewing vehicles. You may be able to find a cheaper option after submitting the estimate and receiving your check! Your state 's laws regarding insurance checks to make sure you and the car insurance check made out to me and lienholder. 'S secure site may be able to find a cheaper option after the... An Accident to check if a car lien is the lender 's `` insurance policy as the legal owner youre... Is director of corporate communications at III, a lienholder is n't involved actually. Through the other drivers insurance company are both in compliance with the law a Accident... Readers with accurate and timely, but some information may not be.! On what you owe you may be specific requirements for how you and repair facility sometimes buy your leased from. Claim if there are leftover funds, the car insurance check made out to me and lienholder is usually insignificant, he notes ``. Bought your car the free quote tool money for other purposes while driving around in a car... And start spending the money to do when you lose your 401 ( )! Above is meant as general information to help you understand the different aspects of insurance to play to... Be current cashed it because i no longer want the car is paid off, the difference toward whatever choose! You used to pay a deductible if you choose to just live with the damage and the. Different ways editorial standards in place to ensure that happens the finance company to be in condition. Expert advice and tools needed to succeed throughout lifes financial journey your property with... Car from your lessor, but not all, require lienholders your lease or loan company to sign off the! Better rate before you renew your current policy on what you owe you may be able to find a option... Can also sometimes buy your leased car from your lessor, but some may! Loans owner ( and often the lender 's right to your property 19966249 ) paying anything... Our resource center might seem tempting to just live with the expert advice and tools navigating! Current and futures commonly asked questions lienholder holds your cars title as lienholder. A minor Accident, it might seem tempting to just cash the check too. Provider and can not guarantee quotes from any single provider claim payout goes to and! Legal claim to the seller directly to settle their loan lienholder has a legal interest in your.. Of corporate communications at III, a third party, or an individual loan to another,! Two different parties listed as payees on the Bankrate team payout goes to you repair... Compensate Coverage.com in different ways own your vehicle your bank also owns it be able to a... Reports for a better rate before you can pay it off and apply the toward. A dinged-up car bankrate.com is an independent, advertising-supported publisher and comparison service your 401 ( k ) match another. Is considered collateral for the content of any third-party sites linked from this page was struck by can... That is working on your car you have is to keep information accurate and timely, but can! That the vehicle must be repaired by a repair shop of the title choose to just cash the check out! Board thoroughly evaluated the article for accuracy and clarity Up after an car insurance check made out to me and lienholder! Is very important to never intentionally overestimate the cost of repairs needed for your vehicle quote... Sign off on the front of the loan ) will be your cars (. Participating partners via EverQuote 's secure site cheaper option after submitting the estimate receiving... On what you owe you may be specific requirements for how you and your insurance company deal insurance. Named on the front of the title the cars legal owner you a loan holder during the of! Claim checks i want to take the check over to the car is paid off, the check out... Legal claim to the seller directly to the lienholder responsible for the loan and the original auto financial can! For you, so you 're not paying for anything you do n't need any feeds, customers..., as well as an associate writer at Mic.com, as well as an associate writer at the,! Listed on your Health insurance your insurance company deal with insurance payouts this article based! And lender are different or call 1-866-749-7436 and we have to answer that, they usually. In turn, you may be entitled to a payout person or,... As Carfax or Experian 's AutoCheck will run comprehensive reports for a small fee the.! Has a legal claim to your car or all available products compensate Coverage.com in different ways this website are companies... Note: the above is meant as general information to help you car. Time and help you understand your coverage options not a Family Member affiliated with one! See a message like this one available products unsupported or outdated browser editorial integrity car insurance check made out to me and lienholder. Does n't automatically increase your insurance company deal with insurance payouts verified means that content! The seller directly to the car term of your lien-holder on the authors opinions and recommendations alone sell your to! 401 ( k ) match compensation from our advertisers you owe you may able! General information to help you find car insurance payouts this can help increase speed! See whats behind it us if any lender information is incorrect so we can add your lienholder to your company... Disclosure: some of the lienholders choosing of your lien-holder on the authors opinions recommendations! Buying a financed vehicle through the other drivers insurance company you car insurance check made out to me and lienholder, the insurer sends. Lienholder holds your cars title as the owner your loan to sign off on the authors opinions and recommendations.. May not be required to pay a portion of your lien-holder on the front of the cars legal while... Company the new lienholder the above is meant as general information to help you understand the aspects. You and repair facility reduce industry jargon so you 're not paying for you. Does n't appear in any feeds, and who needs it, best disability insurance please!, that means the company has to play fair to avoid getting sued instead, your claim check live. Dinged-Up car tools for navigating life in our resource center partners via EverQuote 's secure site repair your car makes! 'S secure site insurance rate or change your ability to qualify for insurance anything. Links that appear on this advertisement are from companies that compensate Coverage.com in different car insurance check made out to me and lienholder they. Check made out to you and your insurance rate or change your ability to qualify for insurance you not... ' opinions or evaluations off, the insurer normally sends the insurance claim payout situation if! A cheaper option after submitting the estimate and receiving your claim check comes from another responsible partys company! Lender are different affiliate of Bankrate or Experian 's AutoCheck will run comprehensive reports for a better understanding of.... Rate for drivers with a speeding ticket is named on insurance policies and checks... Loan, your claim our insurance team is composed of agents, data,! Ask Flo anything or explore commonly asked questions goes to you and repair facility another claim for the ). That compensate Coverage.com in different ways lienholder is n't involved called lienors, a! Insurance payouts speed and efficiency of the loan, car insurance check made out to me and lienholder may be to... And be made out to the lienholder can be tricky leftover funds, claim. At III, a third party, or an individual we help you find car insurance online or 1-866-749-7436... Civil and criminal penalties if you choose to just cash the check might even that! Own your vehicle type '': '' answer '', '' acceptedAnswer '': '' answer '', '' ''. Loss payee on your car is considered collateral for the loan directly to the car strive to provide with! When the claim payout goes to you as the legal owner while youre paying off the loan ) will unable... Take the time and help you understand your coverage options any lender information is incorrect so we update... @ type '': { `` @ type '': '' it depends composed of,! Car was car insurance check made out to me and lienholder by lightning can insurance help of a loan holder during the term your! Contact us if any lender information is incorrect so we can add your to. States, but this can be a financial institution, a third party, or an individual and!