You do need to have auto insurance as a KoraDrive customer.
All KoraDrive customers are required to purchase auto insurance with collision and comprehensive packages. The auto insurance must include:
- Liability insurance that meets your current state’s minimum requirement.
- Comprehensive and Collision coverages for the full term of the installment.
- Kora as the loss payee/lien holder.
- Must be listed as “Kora Financial”
Kora does not sell auto insurance, however our customer support team can give you suggestions based on your needs, as well as our dealership partners.
Forced Place Insurance
Customers that don't have the correct insurance or haven't listed Kora correctly as loss payee/lienholder will be automatically enrolled in Forced Place Insurance. This enrollment will be charged directly to the customer on a monthly basis at $150/month until valid insurance is proven.
Note: Forced Place Insurance does not cover the customer or the third party affected by an accident any other vehicle loss. Forced Place Insurance only covers the remaining loan amount owed by the customer and is payable only to Kora.