How does having a car loan affect my auto insurance?

Will I be required to pay more for auto coverage?

Answer provided by
Eric Schad
Answered on Apr 08, 2021
“Most commonly, having a car loan can affect your auto insurance when your lender requires you to have comprehensive coverage and collision coverage. Both of these types of insurance are up to double what you’d pay for liability, costing you more each month for coverage.
Your lender will typically want you to have full-coverage insurance on the financed vehicle because they will still own it, and so they will want to protect their investment. “

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