Will Rates Be Cheaper?

Discussion in 'Auto Insurance Forum' started by stuckpipe, Aug 1, 2017.

  1. stuckpipe
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    stuckpipe New Member

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    Are auto insurance rates any lower if a vehicle is owned vs leased or owned by bank? Just wondering before I renew if I should pay them off.
     
  2. Web320
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    Web320 Member

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    Each carrier will look at that factor differently.

    I recently re-quoted my own auto and played with that question a bit. The difference was marginal for the carrier that did actually adjust for owned/leased.

    Ask your agent to check and make the determination based on his/her findings.
     
  3. adjusterjack
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    adjusterjack Well-Known Member

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    Can't imagine that there would be much difference between owned and leased since the rates are based on the driver and the car (among other things).

    A car owned by the bank would be on its own Commercial Auto policy.

    :D

    Just kidding.

    You're one of those people that think the bank owns your car because you are making loan payments. Well, it doesn't. You own your car. All you've done is pledge it as security to guarantee that you make your payments. The bank has no claim to it as long as you do make the payments.
     

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