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What do additional insured and additional interest mean?
I'm getting a car loan soon and I've seen them both in loan documents. I'm confused. What's the difference between the two?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Additional interest and additional insured are two common terms that relate to both lienholders or lessors when you’re looking for
car insurance
.An additional interest is a company or person that wants to know what coverage is on the vehicle or if anything happens to it. They are interested in the vehicle as they are financing it.
Lienholders are an additional interest, but lessors can be listed as well. Additional interests receive insurance payouts when a vehicle is totaled.
An additional insured is someone who has some kind of ownership of the vehicle. This could be a lessor or cosigner. When listed as an additional insured, a company or person has the legal right to recoup losses if anything should happen to the vehicle. They can also file claims.
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