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How does having a car loan affect my auto insurance?

Will I be required to pay more for auto coverage?

Eric Schad · Updated on Apr 8, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

“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

, 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. “

View full answer

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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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