If I've paid off my car loan, should I tell my auto insurance company?

I finally paid off the loan on my Toyota last month. Does my insurer need to know about this?

Answer
The answer is yes, you should inform your insurer. Once they know your loan has been paid off, they can remove the lienholder’s information from your policy.
This is important because if you get into a car accident and you’re owed payment for repairs, the check will be issued to you and you alone since your name will be the only one on the policy.
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Carol Chung
Answered on Apr 12, 2021
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