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Getting Proof of Car Insurance to your Bank

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 05/31/2018

Q: I need a declaration page for my bank holding my truck’s title. How do I get it?

A: Actually, just getting your declarations page to your bank as proof of car insurance will not satisfy them.

If they have your title, I am going to assume you have a loan with them and they are actually the legal owners of that truck. If you get into a car accident and that truck is totaled they are legally entitled to whatever you get for the truck from your car insurance policy, since they own the vehicle.

So, what they are really asking for from you is a declarations page showing them as the loss payee for the truck. That way the insurance company will know to pay them in the event the truck is totaled.

To get them what they want the first time, instead of having to go round in circles, contact your car insurance company and add the bank as the loss payee for the truck. Once your car insurance company does this, they will automatically send proof of car insurance and loss payee status to your bank for you. They will even send it to the office that handles the car insurance requirements for your loan, so it gets there faster.

For your part, make sure you have the correct address the bank wants as their loss payee address on this proof of car insurance.

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Michele Wilmonen

Michele's first introduction to insurance was working for a major insurance company as a file clerk and a mailroom supervisor in a regional office. She learned insurance directly from underwriters and claims adjusters from questions and also watching them do their job. Since then, she's earned a number of insurance certifications from the Insurance Institute of America and also a Bachelor’s degree from the University of Idaho. She blogs at Car Insurance Guidebook.

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