An auto loan lender will require that you have full coverage insurance,naming the financial institution as lien holder and loss payee.

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This is because the lender wants to protect their investment in case of an accident or damage to the car. Full coverage insurance includes collision and comprehensive coverage, and naming the lender as the lien holder and loss payee ensures that they will be paid first in case of a claim.

An Auto Loan Lender Will Require That You Have Full