Do You Need Insurance To Get A Title Loan?
JUNE 3RD, 2020
Yes. Credex requires our clients to have full coverage insurance to get a title loan. It is an excellent option for people who need a large payout when banks cannot lend them money due to lack of credit history or poor credit score. If something happens to your car and you don’t have a vehicle to go with the title loan, the terms of the loan will change. When you lose security over the loan, your car can no longer be used as collateral.
Because people can lose their cars to theft or automobile accidents, it is important to apply for proper insurance coverage so that you are not caught off guard with an unexpected expense. Before you select a plan, you should consider all the things you might need to pay via your insurance coverage. At Credex, we offer alternatives such as accidental and death dismemberment to help cover our borrowers’ debt in case of an accident.
Our auto title loan specialists will go over different types of insurance and help determine the best possible coverage for your vehicle when you attempt to get a car title loan. This way, you are also covered in accordance to your state laws. Below is a short list of insurance plans that you could consider:
- Personal injury protection (PIP)
- Comprehensive coverage
- Collision coverage
- Liability coverage (required in almost every state)
- Medical payments
- Uninsured or underinsured motorist coverage
As you can see, it is always better to be overprepared than underprepared. Getting into an accident without proper coverage can get expensive. In addition, you should always inform your insurance company that you are planning to get a title loan.