Auto Insurance Quote Huntington, West Virginia WV
Reader’s Question:
Is it true that having a lien on my car in Huntington, West Virginia will increase my auto insurance rate premiums?
Lewis
Huntington, WV
Most insurance carrier ask if you have a lien holder on the vehicle or have paid for it in full due to how they have filed their car insurance rates and/or to be certain that if the vehicle is financed you carry Physical Damage since it is most likely required by your lien holder. Typically it is not a rating factor that will increase your car insurance rates but just information an insurance company needs to properly quote you rates on the type of insurance coverage you will need on the car.
Comprehensive and collision coverage are the type of physical damage coverage that is usually required if your car is leased or financed. Normally lien holders require these coverages on a car to protect their interest or collateral, the car.
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