Answer by mckenzm for Should I tell my insurance company I have an unsecured...
You don't tell them. In fact if you do, they may assume the loan is secured and charge you extra for their effort, usually $50 to $100 a year.(Not even if the loan is secured by other means, a...
View ArticleAnswer by Harper - Reinstate Monica for Should I tell my insurance company I...
This is about signaling. A secured lender requires you carry insurance to protect them. The insurance company is asking who they are, to signal them that you do have insurance. And if you lapse, to...
View ArticleAnswer by mhoran_psprep for Should I tell my insurance company I have an...
You own the car.The insurance company wants to know: leased, financed, or owned; so they know if they have to inform the "lender" that you have insurance, and let the lender know the amount of...
View ArticleAnswer by Rupert Morrish for Should I tell my insurance company I have an...
If the loan is unsecured, then you own the car.If the loan was secured on the car, and you lost, sold or destroyed the car, you would have to repay the loan. Since it's not, you get to keep the debt...
View ArticleShould I tell my insurance company I have an unsecured loan for my new car?
Generally, I do all of my quotes online instead of dealing with an agent. They've always asked if the car is leased, financed, or owned. In my current situation I am technically financing the car, but...
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