Insurance Company
Will the insurance company contact the financial institution that financed my car when I start a new policy?
I am thinking about changing insurance companies, and I am wondering if the insurance company contacts the lender or if I am responsible to do so?
You need to ask the agent when you purchase the policy. The company should contact your lender (provided you gave the lender’s information), but it is important you ensure this happens in a timely manner. Your lender may have penalties if they believe you have not kept their investment insured. To be doubly sure, you should just fax your new declarations page to your lender.
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