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What is a lienholder?
I got a car loan from my bank. When I added full coverage to my car insurance, the agent asked if I had a lienholder to add. What's that?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A lienholder is any entity or lender who has a legal claim to your property until your loan is paid off.
Your bank or lender is your lienholder. Since you are financing your car, you need to add your bank to your insurance. By adding a lienholder, you’re letting your
car insurance
company know that another party has an interest in the vehicle. If your car is in an accident and totaled, any insurance payout would go toward what you owe on your loan. Some insurance companies have fees for adding lienholders or charge more for full coverage. To keep your rates low, compare quotes from at least three providers using the
Jerry
app. By comparing your options, you can get the best price. View full answer
- Gregory R.
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