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Requiring insurance on vehicle before funding the loan

Discussion in 'Texas' started by TexasRat, Jul 13, 2018.

  1. TexasRat

    TexasRat Member

    Joined:
    Jun 5, 2018
    Messages:
    535
    Location:
    Austin, TX
    Assuming you all here who have financed have run into this. I am finalizing my loan with Alliant and the final docusign says I must have insurance on the car listing Alliant as the lien holder on the date of the loan application.

    That would mean I’d need to have the car insured today basically two weeks before I take delivery of the car. Have you all experienced this? I can understand that it would need insurance before you drive it off the lot and sign for it, but this just seems weird. I plan on calling my DS tomorrow.

    Thoughts? Experiences?
     
  2. ewoodrick

    ewoodrick Member

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    Apr 13, 2018
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    671
    Location:
    Buford, GA
    Just call your insurance agent, they'll handle it
     
    • Like x 1
  3. Tiger

    Tiger Member

    Joined:
    Oct 31, 2016
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    987
    Location:
    Estonia
    And you can terminate and switch insurance at any time.
     
    • Like x 1
  4. ChrML

    ChrML Member

    Joined:
    Feb 6, 2017
    Messages:
    311
    Location:
    Norway
    Just sign your insurance papers and they will handle it. You don't start to pay insurance before you drive out of the shop, but they will register it so loan can pay out the money
     
  5. ItsNotAboutTheMoney

    ItsNotAboutTheMoney Well-Known Member

    Joined:
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    Location:
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    Slight challenge is that most insurance requires the VIN and Tesla isn't giving VINs until shortly before delivery.
     
  6. ChrML

    ChrML Member

    Joined:
    Feb 6, 2017
    Messages:
    311
    Location:
    Norway
    Okay. I didn't have that issue. When I ordered my MX, I got the VIN on the Tesla status page before it went into production, about 3 weeks before it was shipped.
     
  7. TexasRat

    TexasRat Member

    Joined:
    Jun 5, 2018
    Messages:
    535
    Location:
    Austin, TX
    I got my VIN a month or so before it went into production. The reason why this was so complicated was because I was going to switch from safeco to allstate once I got my model X because it's way cheaper. That made it difficult because I don't have a current insurance agent that's going to help me through this.

    I think I'm going to just swap insurance companies right now, and then upload the new insurance policy that shows the insurance on my X effective on the tentative pickup date.

    Thanks everyone for chiming in on this thread, appreciate it!

    I'm about to step out to send my signed title (WTF) to Tesla via fedex before I even get to pick up my other car.

    I really hate the state of Texas and TADA which is absolutely garbage and a total inconvenience to a minority of people who want to buy a different car from a non-franchised store. /rant

    :)
     

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