Hello Beeler Bloggers,
You finally did it! You looked forward to this day for months and months 
You paid your car/truck note off and you'll now have some extra money to spend.
Don't forget to contact your auto insurance agent and ask them to delete the loss payee clause from your auto insurance policy.
You may be asking yourself "why should I do this?" 
The reasons you should do this are because:
- The lender no longer has a legal interest in your vehicle
- If you have a comprehensive or collision claim your insurance company will require you to prove that your car is paid off before they'll issue payment directly to you. This will delay your claim settlement by several days and make you angry
- If a loss payee clause exists, some Georgia companies will only issue the claims payment in the customer's name and the loss payee's name with no exception. The company's position is that because a loss payee clause exists they are legally obligated to issue claim payment in both names. Once issued, it is an act of congress to get the insurance company to reissue the check without the loss payee. It is another act of congress to get the loss payee to sign off on the check so you may cash it to repair/replace your car.
So, the moral of this story: just a day or two after you finish celebrating paying your car/truck off be sure to contact your insurance agent and ask them to delete the loss payee clause on your insurance policy.
If you don't have an agency that you can get great service from or would like to compare your car insurance rates, why not give Beeler Insurance a try. We are available 24/7 and we love our customers.
Until next time,
Chris Beeler