If you have an on-line account for your car indemnity, most of the data will be kept for your on-line .
however, it is constantly a good idea to retain a copy of the policy agreement and declarations page for any current car indemnity policy .
Because the IRS can audit taxpayers for returns regarding the past seven years, you may want to keep some shape of software documentation about your payments for policy policies until then .
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Paying Your Premium

For most car insurance companies, you will have the option to pay your car indemnity premium in one lout total every six months or in monthly installment payments .
You will get an bill for the requital of the premium. The most important reason that you would want to save information about the payment of your premium is for tax purposes.
In the improbable event that you are audited by the IRS, you may want to have copies of all of your bills for the past seven years, which would include statements regarding the payment of your car indemnity policy. however, this is very improbable to affect your tax payments .

One of the reasons it could be a good mind to hang onto information about your by payments and premiums is that you will have a clearer idea of whether your agio has increased and by how much .

There are many factors that increase the price of your bounty, and you may want to discuss with your indemnity agent why it went up in the event of an increase .
In the consequence that your premium increases, it may be a adept opportunity for you to consider shopping around for other car indemnity options. When asking for car policy quotes from other companies, make certain that you still retain stream coverage by paying your premium on prison term .
It is required by about every state, and if you do not have current coverage for failure to pay your policy premiums, this could mean that your indemnity company can cancel your policy .
This will reflect on your phonograph record and may mean that you pay higher rates from other car indemnity companies .

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Important Auto Insurance Documents

One of the most important documents for your car indemnity coverage is your indemnity tease or physical proof of policy .
In some states, in addition to having to maintain at least the command total of car policy coverage, you must besides carry physical validation of indemnity ( your indemnity card ) when driving .
If you are pulled over by a police officer or involved in an accident without having proof of policy, you could face rigid penalties .
If you lose your insurance card, you can contact your indemnity company to have a replicate sent to you deoxyadenosine monophosphate soon as possible. It is never a good estimate to get catch driving without car indemnity and is not worth the harass .

There should be no charge for your insurance company sending you a duplicate policy batting order .

If you can not remember your car indemnity company, you can contact the department of drive vehicles for your submit because there will probably be a record restrain on file from your car indemnity party pertaining to your current coverage .
You will still need to contact your own car policy company to have an extra card sent to you .

The other important document from your car indemnity policy to retain is your declarations page. This is where all of the important information regarding your car policy policy can be found .

In the event that you have to file a claim from an accident under your car insurance policy, you may need to consult the declarations page for information about coverage under your current car insurance policy .
You can besides find data about your deductible from the declarations page of your policy .

Recap on Retaining Documents Regarding Your Auto Insurance Policy

The two most crucial documents to always have on hand regarding your car indemnity policy are your current policy card ( physical proofread of car insurance coverage ) and your actual car insurance policy .
From your actual policy, the declarations page is the most important to be able to find. Statements regarding your payment of policy are likely lone relevant for tax purposes .
To be safe, you might want to hold onto them for seven years in the event of a tax audit from the IRS .
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How long do you keep car insurance documents?

The average person is free to toss their previous indemnity documents when the policy period is over, unless you have an ongoing claim involving the vehicle .

  • You should only retain insurance documents for as long as necessary
  • Managing old car insurance policies is unnecessary
  • Pending or ongoing claims may cause you to retain expired policy period documentation
  • Using the shredder can allow you to get rid of insurance documents in a safe and private manner

One of the more common questions that are asked of indemnity professionals is in regard to record memory of customer documents .
many customers will say that they have indemnity policies, bills for the bounty they have paid, and so on going back 10 years or more .
Is it truly necessary?
barely how much paperwork and what documents do you have to keep and for the material that is being kept, how long should you be keeping it for ?

Record memory is something that every unmarried ship’s company struggles with, just as individuals do on their own .

Companies, though, have the lavishness of coming up with standardized record memory schedules and will precisely purge stuff when it reaches exhalation date .
As a consumer, it is much more of a manual process and it is about having an awareness of the documentation that you still have and what you truly need.
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What You Need to Keep

The alone thing that you in truth need to keep when it comes to cable car insurance documents is that of your most current insurance policy .
You very do not evening need to have the full policy on-hand if you have a copy of what is known as the declarations page of the policy .
The policy ’ s resolution page is the page where you have all of your coverage summary on-hand.

When you need to know what you have for car insurance coverage, all you have to do is refer to that current declarations page and you will get your answer.
The current declarations page is where you are going to see :

  • Your policy number
  • The named insured on the policy
  • The cars that are covered
  • The limits that you have
  • Your deductibles

Where Insurance Companies Come Into Play

policy companies are on the hook for making sure that they have electronic copies of your fully insurance policy .
They are not only going to have your current car policy policy, but they are going to have electronic copies of your policies that are going to likely go back for years .
When you get to the point where your policy time period has ended, where you are past the passing date, it is then perfectly fine to throw away an honest-to-god policy that has been renewed and replaced with a fresh one .

Use the Shredder

You constantly want to take advantage of the shredder when getting rid of insurance documentation such as this .
The shredder is going to ensure that your private information is kept that manner so that it does not get into the ill-timed hands and potentially taken advantage of .
once your honest-to-god policy is ready to be rid of, throw it in the shredder and away it goes .

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Pending Claims

The one caution to all of this is whether or not you have a pending or an ongoing claim that is being worked as contribution of the policy you are thinking of throwing away .

If you have a pending call, or an existing one, be sure that you have that indemnity policy paperwork on-hand, tied if it has expired, as you may have to reference it as you are going through the claims march .

Knowing when you can purge any old documentation is very important as a consumer. You do not want to have to keep papers upon papers for years over time .
The quicker that you can get rid of this gorge, the more mastermind you are going to be .
Only retain your documents for as long as necessary before replacing them with your automatically renewed car insurance policies.
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Do I need to keep my old car insurance documents?

Expired personal policies are entirely needed to deal with any open claims that remain after they end. Business policies should be kept for tax purposes .

  • If you have copies of previous auto insurance policies or certificates of insurance, you can likely toss them when you sign up for a new insurance policy
  • The only reason to keep a copy of a previous auto insurance policy is if you have an open claim under that policy while you are signing up for a new auto insurance company
  • Also, if you think that another driver could file a claim against you under your past auto insurance company
  • Insurance companies will cancel coverage for vehicles you no longer own, managing your auto insurance policy for you

If you are wondering what to do with copies of your by car indemnity policies or certificates of car insurance, you credibly do not have to keep them any long when you sign up for a raw car policy company .
The only reason that you may need to keep a copy of them is if you have a pending claim open under your current car policy coverage and are looking to switch to another one .
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What happens with your old policies when you switch to a new auto insurance company?

once you sign on with a modern car insurance party, your previous policy can be canceled. At that point, it will no long be effective and you will no farseeing be responsible for paying the premiums under that policy .
When your car insurance policy is canceled ahead of the exhalation of your policy terminus, you will receive a refund for any of the unused portions of your bounty .
At this point, you can not file a claim under your former car indemnity ship’s company, so there is no reason for you to hang onto a copy of your past car indemnity policy. The caution for this occurs when you have an open claim under your previous car insurance policy .
The reason that you would need to retain a transcript of the previous car indemnity policy in this scenario is that you need to know precisely what is covered under your policy .
You besides need to know the requirements you must follow in terms of supplying the necessary information to your former car indemnity caller in the claims summons .

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If Another Driver has a Potential Claim Against You

If you were involved in an accident, another driver could have a claim against you that has not yet been filed .
You will want to retain a imitate of your car insurance policy in this scenario because you need to know precisely what is covered under your car insurance policy .
One of the reasons that you may be looking to change car policy companies is that you are not satisfied with the means that your current car insurance ship’s company is handling your claim .

This may be a hard way to learn the example that getting the lowest potential rate on your car insurance policy should not be the only reason that you choose an indemnity company .

Instead, you must also consider the reputation of the auto insurance company and its record for handling claims from their insured.
If you are shopping around for different car indemnity quotes, then make certain you check with the department of insurance for your department of state .
They will have information on the record of customer complaints against that policy company and can verify that they are accredited and approved to sell car indemnity in your state .

Keeping a Copy of Proof of Payment for Tax Reasons

While the personal use of your vehicle can not be counted in your vehicle expenses in terms of a tax deduction, you may be able to deduct the expenses related to your fomite for business purposes .
This is especially true if you maintain an auto insurance policy specifically for your business vehicle.
You will need to show the accurate price of your car insurance premium in club to tax this tax subtraction. The IRS may audit your tax returns for a period of up to seven years.

If you take a tax deduction, you should be prepared to show accurate documentation of it. This is why you would want to retain the proof of payment of your car indemnity premiums for up to seven years if you claim this deduction .
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