Do insurance companies charge money to add an additional interest?

I forgot to add my lienholder to my policy. Will adding them now increase my policy premium?

Answer
“You can still add your lien holder or additional interests to your policy, even if you forgot initially! While it’s uncommon, if your insurance carrier does charge a fee, it’s typically around $3 to $10.
The fee is usually added to your monthly payments, so you won’t see a noticeable difference in your policy premium.
That said, your coverage could increase your policy premium. If you currently only have liability car insurance on your policy, you will likely have to add full coverage.
Adding both comprehensive insurance and collision insurance to your policy will increase your premium. Reach out to your carrier to get a quote.
If the increase is significant, you can always shop around. You can do this online or use an app like Jerry. A licensed broker, Jerry does all the hard work of finding the cheapest quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even cancel your old policy for you.”
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Emily Maracle
Answered on Aug 19, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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