Glossary term
Loss payee
Loss payee: The lender named on the policy, paid first on a physical-damage claim.
Where this term matters
Guides and entries on this site that use the term.
Guide
When You Need Full Coverage
Situations where collision and comprehensive are worth it: financed or leased cars, cars you cannot replace from savings, newer vehicles, high-theft and weather areas.
Guide
How to Compare Full Coverage Car Insurance Quotes
A method for comparing full-coverage quotes: fix coverages and deductibles, include the add-ons you want, gather several quotes, normalise to annual cost, and check lender requirements.
Entry
$500 vs. $1,000 Full Coverage Deductible: How to Decide
Compare a $500 vs. $1,000 deductible for full coverage car insurance. See how premium savings, out-of-pocket risk, and break-even math affect your decision.
Entry
Totaling a Financed Car with Full Coverage: How Payouts Work
Learn what happens when you total a financed vehicle with full coverage insurance, how actual cash value payouts work, and when gap coverage protects you.
Entry
The 10-to-1 Rule: When to Drop Full Coverage on Your Car
Learn how the 10-to-1 rule helps you calculate whether collision and comprehensive car insurance are still worth paying for as your vehicle depreciates.