How can I get rid of force-placed insurance?
My car insurance recently lapsed because I forgot to pay the premium. As a result, my lender added a force-placed insurance policy, which nearly doubled my premium. How can I get rid of force-placed insurance to lower my bill?
Answer provided by
Answered on Apr 13, 2021
“Force-placed insurance is an insurance policy that your lender puts on your car loan if your car insurance lapses, whether intentionally or unintentionally. These policies often cost up to twice as much as regular policies, simply because you’ve been placed in the high-risk category of drivers.
However, you can lower your car insurance rates and remove force-placed insurance in just a few steps:
- Keep making your auto loan payments; don’t stop because you feel slighted or misled.
- Use Jerry to search for the best car insurance rates and choose a policy.
- Call your lender and provide proof of your new car insurance policy. In most cases, they’ll cancel the force-placed insurance as soon as possible.”
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