Get a Title Loan with no Insurance

There are many different types of insurance out there, and each one works a little differently. They all generally use the same terms such as deductible, copay, coverage, premiums, and more, but how does it all work? LoanMart will help you with the three main insurances to see what they look like, and we’ll also help you understand insurance considerations when you’re in the market for an auto equity loan or title pawn loan:

• Car insurance
• Health insurance
• Homeowners insurance

How Does Car Insurance Work?

Like many types of insurance, car insurance can be a little overwhelming with all the numbers and industry-specific terminology thrown at you. We may wind up just agreeing with an insurance quote in order to get the process done quickly. When you buy a vehicle, you’ll generally need to have proof of insurance so you can legally operate your car. If you have insurance already, you don’t have to worry about it, but coming up with insurance for your first car can be difficult.

The type and amount of insurance you need will be determined by factors such as:

• What kind of car you have and how much it is worth
• If you are financing your vehicle and the coverage that your lender requires
• How much financial responsibility you want to have vs. how much of it you want to cover through insurance
• What state you live in

Collision insurance covers repairs to your car or replacement of your car caused by an accident that involved another vehicle, object or person.

Lastly, comprehensive coverage is designed to protect you from damages to your own vehicle in certain scenarios that are not covered by collision coverage. Sometimes also known as “other than collision” coverage, this insurance option applies to events such as theft, fire, natural disasters, and hitting an animal.

A car insurance deductible can be a confusing expression. In short, this refers to the amount you are willing to pay out of pocket in case of an accident or other damage to your vehicle, before your insurance coverage kicks in. For example, if you have damages of $2,000, and you have a deductible of $500, then you’ll pay the $500 and the insurance company will cover the remaining $1,500. A deductible can apply to both collision coverage and comprehensive coverage, but your liability insurance should never have a deductible.

When your car is financed, either at the time you purchase it or when using your car as collateral for a cash loan, your loan contract may include language that describes the types and amounts of insurance coverage that your lender requires.

Are Car Insurance Payments Draining Your Funds?

Since car insurance is required by law in almost all states, car insurance payments are a necessary part of car ownership. Insurance protects not only the driver, but also others on the road and can cover expensive repairs or medical bills in case of an accident. Many people find that car insurance payments can be a draining monthly expense to their funds.

Every vehicle-based lender can be different when it comes to auto insurance requirements, so it is important to shop around. There are a few types of car insurance providers out there:

• Companies who sell through their agents
• Insurers who sell through outside/independent agents
• Providers who sell directly to the customer (most of the time these can be done online)

The type of provider chosen is dependent on the preferences of the customer. If speaking to someone in person or over the phone is preferred, they can go for a company that has agents. If a customer prefers limited in-person interaction, they can buy directly from the insurance company. Before signing up with an insurance company it is important that they are reputable. This can be done with some research. Determining reputability is important because the customer is relying on the insurance company to come through in an emergency.  In addition, important personal information will be exchanged in the car insurance process. It is also important to keep in mind that low-cost insurance is not always the best, reading and paying attention to the fine print is very important.

Best Insurance to Have When Getting a Car Title Loan

Car title loans can be a great option for someone needing funds, when banks won’t lend them money due to poor credit or lack of credit history. Car title loans are secured loans that use your car title as collateral. When you no longer have your car due to an accident, or theft, you need to make sure you have the proper insurance coverage so that you are not caught off guard with loan payments on a car that is damaged. The best way to pick insurance coverage when getting a title loan is to understand the many reasons why you might need your insurance to foot the bill, and what types of coverage may apply to those situations.

Types of Auto Insurance Coverage

Being informed about the types of insurance available can give you an advantage so you can get what you need when you talk to your insurance company. We will go over the main types of insurance available and which one might be the best coverage for your car when you have a car title loan.

• Liability coverage, which is required in almost every state
• Collision coverage
• Comprehensive coverage
• Medical payments
• Personal injury protection (PIP)
• Underinsured/uninsured motorist coverage

The best way to break down what all kinds of insurance are, is to separate them into two kinds of insurance categories. There are insurances that cover you against any personal injury expenses, regardless of fault as determined by your policy. Then there is insurance that covers damage or loss of your vehicle by collision or grand theft auto.

Liability coverage is required in almost every state, so if you live in those states, you should know that the coverage includes damage you are legally responsible for including bodily injury and property damage. Comprehensive or collision damage is used for coverage with damage involved.

When shopping for insurance, also consider that different insurance companies offer perks such as roadside assistance with their different coverage levels, and some may also offer price discounts if you bundle your car insurance with other types of insurance such as homeowner’s insurance or renter’s insurance. The best way to find out the best coverage for your car is to contact your insurance and go over what terms they offer for coverage, and compare it to a few quotes from other insurers.

What is the Best Coverage for a Car Title Loan?

If you don’t have insurance, you might want to consider getting comprehensive and collision insurance so that if anything were to happen to your car, which is being used as collateral, then you can have the insurance company cover the remainder of your loan payments. Comprehensive and collision insurance will protect your car if there is any damage or loss due to collision or a covered “other than collision” event, including damage by natural disasters, theft or vandalism. If you’re not sure what insurance coverage you currently hold, ask your insurance provider what kinds of insurance you already have. You can also call one of our LoanMart agents to see if your insurance coverage is sufficient for a loan.

Can you pawn a car title without insurance?

Yes, you might be able to pawn your car title or get a title loan without car insurance. You’d need to find a title loan company or pawn lender that doesn’t require or verify your insurance coverage. Keep in mind that lenders will typically care about comprehensive and collision coverage when imposing insurance requirements, as they want to make sure that the collateral securing the loan is protected. Even when a lender does not require insurance, you need to be aware of the auto liability insurance requirements for your residence state.

How Does Health Insurance Work?

Health insurance can be complicated to understand, and often leads to people feeling overwhelmed. Health insurance is important to have because its main purpose is to protect your life savings from suffering to the costs of an accident, a medical emergency, or a chronic illness. Unlike other insurances, it helps you get the health care you need.

Health insurance companies give you many different options for plans. Before you can choose one, you have to look at deductibles, copayments, coinsurance, and premiums.

• Monthly premiums – regardless if you make a claim or not, you pay this so it provides cash flow to the insurance companies to pay their day-to-day expenses.
• Deductible – this is an amount you have to pay before the insurance company contributes to the cost of your medical expense. They can range between $500 a year to $10,000 a year or more. They are annual and start over on January 1.
• Copayment per visit – copays can be about $20 for a doctor visit, $50 for a hospital visit, and $10-$40 for prescription. You’ll pay 100% of the visit until the deductible is met.
• Coinsurance – this is a percent you pay for procedures, surgeries, or hospital stays.

Choosing your health plan will be based on the yearly health of you and your family. Usually it works with the lower the deductible is, the higher the premium, copay, or coinsurance.

How Does Homeowners Insurance Work?

When insuring your home, you’re insuring two things:

1. The structure of your home
2. Your personal belongings

The typical homeowners’ insurance can cover damage from a fire, windstorm, hail, water damage (minus flooding), riots, and explosion, covering for losses like theft and the extra cost of living somewhere else if the house needs to be repaired. Your policy can also cover legal liability if you, your family, or even pets are hurt on the property (in your house or on the land.

Why Do People Use an Insurance Broker?

When it comes to getting insured, most people know they can go to an insurance agent. An insurance agent is someone who works for a single insurance company and acts as the middleman between that insurance company and the customer. On the other hand, an insurance broker is someone who assists individuals find insurance by scouring multiple policies from various insurance companies. In addition, an insurance broker will help answer questions regarding polices and claims, offer advice about risks and investments, and answer any and all financial questions. There are many reasons why people decide to use an insurance broker, and it may be helpful to know more about them before thinking about enlisting the help of an insurance broker yourself.

Insurance Brokers Can Help with Insurance Claims

When a person is looking for insurance, and goes to a broker, the broker will provide them with several options. The insurance broker will help the customer make an informed decision on an insurance policy by assessing the amount of risk or liability an individual, a family, a business, a home, or an organization may have.

When it does come time to use insurance and make a claim, a broker can help with:

• Filing the Claim: Insurance brokers can actually file the claim for the customer and meet up with insurance companies at a service center. This saves customers from the tedious process of filing an insurance claim themselves.
• Advice About the Claim: Brokers can help their clients navigate the process of claiming. They will give advice about: the amount of claims, the details, and how to get the most from a claim.
• Assisting with a Filed Claim: When a person files an insurance claim, they may come across speedbumps with their insurance lender. A broker is there to smooth any issues, as they can communicate and solve problems with the insurance company on the customers behalf.

What Kind of Property Insurance Do I Need?

There are a wide variety of property insurances available. When selecting one, you’ll need to decide what property you have that you value and what the repair or replacement costs can run. That will help you decide what sorts of insurance to consider. Once you’ve decided what items you want to insure, you need to learn about the different types of property insurance available.

There are some common terms that you’ll encounter while researching health insurance. Understanding their definitions helps you pick a specific health insurance plan

• Premium: The amount you pay the insurance company every billing cycle, (monthly, weekly, etc.) in exchange for health insurance.
• Deductible: The amount you pay out of your own pocket before the insurance company starts paying.
• Coinsurance: The amount you pay for services once you reach your deductible. This is usually expressed as a percentage.

What Are The Different Types Of Property Insurance?

While there are some other types of property insurance, here are some of the more common ones you might consider:

• Pet Insurance
• Renters’ Insurance
• Mortgage Insurance
• Home Insurance/Homeowners Insurance
• Flood Insurance
• Earthquake Insurance
• Vehicle Insurance/Car Insurance

Each type of property insurance protects a different asset or protects an asset from a particular circumstance.

How to Pay For Invisalign without Insurance

Invisalign is a great alternative to traditional braces. It’s metal-free, clear, and removable. However, it’s also quite pricey, especially without insurance coverage. You do have options, though, and with a little bit of research, you can find the right option to cover your treatment.  A small loan is always a great alternative for paying for your Invisalign braces, when you don’t have the necessary dental insurance coverage.

Is Invisalign Right for Me?

Invisalign has a lot of lifestyle benefits for those who need adjustments to their smile. You’re a great candidate for Invisalign if you’re trying to correct:

• Crowding
• Gaps
• Underbite
• Overbite
• Crossbite
• Slightly Crooked Teeth
• An Open Bite

Invisalign does have some drawbacks, and there are factors that prevent you from being a candidate, including:

• Severely Crooked Teeth — While Invisalign is great for fixing common cases of crowded teeth, gaps, underbites, overbites, and crossbites, it’s not the best option for severe cases. Serious orthodontic malformations still require traditional braces for treatment.
• Age — Because younger teens’ teeth are still developing, Invisalign won’t work for them. The liners won’t keep up with how quickly young teens’ teeth grow and develop.
• Lack of Patience and Discipline — Though Invisalign takes far less time to put in and adjust, it does take more discipline to keep it on. Because the liners are removable, it can be more tempting to leave them out, since you do get to take them out when you’re eating. Make sure you can commit to keeping Invisalign in before you sign up for it.

Check out our application and see how you can use emergency money from a title loan to pay for Invisalign!

Does Insurance Cover Cosmetic Surgery?

The short answer is, it depends:

• If you are looking for a procedure intended to improve your aesthetic appearance or self-esteem, then probably not.
• If you need cosmetic surgery for something like correcting trauma or normalizing appearance, called reconstructive surgery, insurance may cover the procedure.

Title loans from LoanMart could be your best option for emergency cash.¹ You have to contact your insurance company to find out if they cover your surgery. Even if they don’t cover the full amount of the surgery, they may pay for part of it.

How Do I Pay For Cosmetic Surgery Not Covered By Insurance?

If your insurance doesn’t cover all of your cosmetic or reconstructive surgery, there are a few different ways you can pay for it:

• Credit Card – A conventional credit card can be a good way to cover the cost of surgery, especially if you have one, or sign up for one, with 0% APR and some sort of rewards program. However, if you aren’t able to pay it off before the APR goes up, it could become expensive.
• Medical Credit Card – These cards are usually not that difficult to qualify for and sometimes have lower introductory rates. If you are considering using a medical credit card, it’s important to read the fine print. Sometimes, once the introductory period ends, you’ll be charged a penalty if there is a balance on the card. Sometimes this penalty is in the form of retroactively applied interest against the whole balance of the loan, which can be quite a bit.
• Cash – A major advantage of cash is that you don’t have to worry about paying after the surgery. You should save up until you have the full value of the surgery, ideally keeping the money in a savings account and accruing interest.
• Retirement Accounts – Experts generally agree that you should avoid using a loan from your retirement account, or the funds from account itself, to pay for things. You will likely have to pay a penalty if you take funds out and might not be able to pay into the account during the life of the loan.
• Bank Loan – Whether secured or unsecured, the benefit of a bank loan is that you know what the payments will be each month and how long they will continue for. Unfortunately, the interest rate can add considerably to the cost of your procedure. An unsecured loan will be more expensive than a secured loan. So if you can use something as collateral, like your car, it can help. Depending on the amount you need to pay back each month, it may make sense to find a part-time job to help cover the cost.
• Gifts or Donations – Starting a GoFundMe or similar can be an effective way to raise money for your surgery. It might take longer than other methods, but because you’ll be receiving donations you won’t be obligated to pay anyone back after the surgery.
• Doctor Payment Plans – Some doctors are willing to set up payment plans to help people pay for their surgery. Sometimes you’ll be required to pay the balance of the cost prior to surgery. They probably won’t charge you interest. But if you miss payments, they may send the account to a collection agency and it may damage your relationship with your doctor.

If you can’t get your insurance to cover your surgery, there are a number of different things you can do to pay for it. The wide range of options available can accommodate a diverse group of people with unique financial situations, but we recommend title loans.  With title loans from LoanMart, you may be able to get that emergency cash without the hassle found in other traditional lenders.¹

What Potential Applicants Need to Know about Car Insurance and Car Title Loans

If an applicant can provide proof of the insurance they have on the applicable automobile on hand when they contact us online or apply for a car title loan, the process will be much faster. Everyone should gather paperwork ahead of time or call their insurance provider to see if they can provide proof of coverage.

And potential borrowers shouldn’t worry – if they’re not fully insured, we may still be able to work with them to provide title loans on cars so they can get the money they need. Because we will hold the title of the automobile until the loan is repaid, but the borrower will have the ability to use and drive it as normal, we may just need to add coverage to their insurance policy until the title can be returned.

This is why car insurance is very important to us. If a person is interested in borrowing a sum of money in the form of a car title loan, where a car is used as collateral, we want to make sure they remain fully insured because they will be retaining possession and use of that automobile during the term period of the car title loan.

How You Can Get a Title Loan with No Insurance

LoanMart is prepared to help you with your unique financial needs. If you are in need of financial assistance, but do not currently have insurance, LoanMart may still be able to help you.

To begin simply Apply Now. This will bring you to an information request, it should only take about 5 minutes to fill out. We’ll ask for some information like:

• Name, Address, Phone Number
• Date of birth
• How long you have lived at your current residence (in months/years)
• Year, Make, Model, Style, and Mileage of your car
• Total gross monthly income
• Social security number or Individual taxpayer identification number

You can also connect with a LoanMart representative through the live-chat feature on our homepage or through email at customersupport@800loanmart.com. If you don’t feel comfortable entering your information over the internet you can call LoanMart at 855-422-7412 or text us at 77513. Or, if you would like to speak with a LoanMart representative face-to-face you can stop by our licensed location to see us personally.