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Do insurance companies charge money to add an additional interest?
I forgot to add my lienholder to my policy. Will adding them now increase my policy premium?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You can still add your lien holder or additional interests to your policy, even if you forgot initially! While it’s uncommon, if your insurance carrier does charge a fee, it’s typically around $3 to $10.
The fee is usually added to your monthly payments, so you won’t see a noticeable difference in your policy premium.
That said, your coverage could increase your policy premium. If you currently only have
liability car insurance
on your policy, you will likely have to add full coverage. Adding both
comprehensive insurance
and collision insurance
to your policy will increase your premium. Reach out to your carrier to get a quote.If the increase is significant, you can always shop around. You can do this online or use an app like
Jerry
. A licensed broker, Jerry does all the hard work of finding the cheapest quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even cancel your old policy for you.”View full answer
- Gregory R.
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