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Insurance: Keeping Track of Important Policy Information

by Alicia Isero

Every day your mailbox is full of letters, bills,statements, ads, and flyers. Do you ever wonder what to keep and what torecycle? Pay special attention to your car insurance policy papers.

It's a good idea to keep a record of your auto insurance in your car. It's also illegal not to have proof of insurance coverage in your car. If you arepulled over and do not have your insurance card, you can be cited.

Keep Track of Your Insurance Records
  • Keep proof of auto insurance in your car (if someone else is driving then there is still proof if there is an accident)
  • Retain proof of insurance in your wallet or purse
  • Save and replace your policy paperwork every six months. Auto insurance is typically renewed on a six month cycle.
  • Set up a file system or binder where you maintain your auto insurance policies and be sure all members of the family know where you keep it

Auto Accident Paperwork Checklist

If you're in an accident, what should you do? In addition tothe record keeping above:

  • Keep a log of phone calls, names, dates, and numbers
  • Save all receipts (rental cars, medical bills, for example)
  • Keep all paperwork from the insurance company (claims, notices, requests)
  • Make copies of any written communications

Communicate in writing whenever possible so you have arecord of what was discussed Although keeping a lot of paperwork seemsoverwhelming, it is better to be safe than sorry. Save it all. Try tocategorize the records and file them systematically. The more organized your auto policy records are, the easier and fasterit is to get a claim processed.

If you decide you need to modify or enhance your policy, putthe information in writing and save a copy. If you want to increase yourdeductible in order to save on your monthly premiums, put it in writing.Likewise, when you discuss insurance quotes or features with your insurer, ask for their comments and details in writing.

If you dedicate a little time to setting up a record keepingsystem for your auto insuranceinformation, it should be easy to maintain. You may find that the whole processis easier than you thought and you may wish you'd done it years ago.

Source

Insurance Information Institute

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