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Dean Mitchell/Getty Images September 23, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. How long should you keep your car insurance records? It depends on the type of documents. Learn what you should keep and for how long, plus what is safe to toss or shred. Having the right documents in a safe place can make it easier when you need to confirm policy details, get into an accident or have to file a claim. Bankrate’s team of insurance experts breaks down everything you need to know below. Compare rates and save on auto insurance today! Get quotes Close X RatesRates keep going up in 2022. Compare rates and save on auto insurance today! Get quotes Close X This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More RATE INCREASE ALERT Rates increased up to 12% this year
Shop for a better rate before you renew your current policy. This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More Documents that you need to keep
Knowing how long to keep statements and how long to keep insurance policy documents requires you to determine if and why you might need them in the future. There are a number of documents that you will receive as part of your auto insurance coverage that should be saved: Your auto insurance card. This small card must be provided at the request of a police officer or if involved in an accident in many states. Keep them as long as the policy term is valid, either in your wallet, glove compartment, center console or as a digital file you can easily access on your smartphone. The declarations page of your auto insurance policy. An gives you a snapshot of what your policy coverage types and limits are, as well as details on what could be excluded in your policy. Retain this policy copy in a safe and accessible place — such as a file cabinet or desk drawer — until the policy period is no longer active and any open claims during the period have been resolved. Documents pertaining to a claim. If you have an open , keep all receipts, repair bills and any other paperwork pertaining to the claim. These documents can be disposed of once you have received a check and the claim is officially closed. Your monthly billing statement. It may be a good idea to keep monthly statements until the payment has been processed or the policy period has ended, unless your policy pertains to a business, where your tax professional could recommend you keep statements for a few years. Statements should be kept in a safe place, like a file cabinet or drawer. Documents that you do not need to keep
Determining how long to keep insurance records also involves knowing what you can throw out, and when. Here are a few items that you do not have to keep indefinitely: Your main policy document. This is the multi-page document that includes all the details about your policy limits, discounts, coverage, and more. Many people opt to hold onto these pages until they renew their policy, which is fine. But it is not really necessary since many insurers offer digital access to these documents through your account on the company’s website. If your insurer does not have this functionality, hang on to them until you receive a new policy package in the mail when you renew. Once your policy has expired and you no longer are paying for it, you can discard these documents as well. Canceled checks from paid premiums. Many banks no longer return your canceled checks. If yours does, you can shred the checks once you have reconciled them with your account. Prior ID cards. Most auto insurance policies last for six months to a year. When your policy renews, you will get a new set of ID cards with the current policy period dates and a future expiration date. Once your prior ID cards have expired, they are no longer needed and can be shredded. How long to keep insurance records
Bankrate looked at how long to keep insurance statements. Some of the most extensive ones, like your actual , do not need to be retained for more than a year. Once you have the new policy in hand, the old one can usually be tossed, unless there is an open claim that still needs to be resolved. In this case, it is a good idea to keep all documents, including receipts, until the claim has been closed and all payments have been received. If your policy is for a business, you may need to keep the records up to seven years, as determined by your tax professional. Keeping insurance documents in a climate-controlled location can prevent mold or fading, and a waterproof and fireproof safe can protect them even further. Once it is time to discard the documents, a cross-cut shredder is one of the best ways to avoid identity theft from the sensitive information that the paperwork can contain. If, for some reason, you accidentally discard current policy documents, do not worry. Your insurer will have copies of all paperwork on file, and you may be able to access them online as well. A quick call to your agent or company representative should be enough to be issued a new copy to replace the discarded one. How to properly dispose of old insurance policies
is growing across the U.S., according to the Insurance Information Institute. Your policy documents may contain names and addresses, policy numbers and other personal data, and an enterprising thief may use them for personal gain if your documents are found in the garbage or at a dump site. In general, you should always shred anything that has your name or identifying details on it. A small home shredder should be adequate for discarding your old insurance documents. A cross-cut shredder will cut the pages in two directions, making it harder for potential thieves to get any information from the discarded documents. Some office stores offer shredding services, and many local banks or companies offer free shredding days regularly for residents in many areas. Frequently asked questions
What is the best auto insurance company
Although there is no one “best” auto insurance company that works for everyone, Bankrate has identified the companies that offer the best prices, most comprehensive coverage options and superior customer service in our list of the . Getting quotes from these companies may be a good place to start your search for auto insurance.
Can I throw away old insurance policies
When you receive your new policy in the mail each renewal, you can discard the old one. However, keep billing statements and the declarations page and make sure you have your auto insurance card whenever driving. You may shred policy documents if you close out the policy unless there is an open claim or the possibility of an open claim on the policy.
How should I store documents that need to be saved
There are several options to store your insurance documents. If you need to store paper copies, a small, portable, fire-resistant lockbox is a great idea. Never store this in your basement, in case your home experiences flooding. You may also want to consider offsite digital storage in the cloud or on a flash drive or other portable storage device. For a small fee, sites like Dropbox and iCloud will store your electronic documents safely and be accessible no matter where you are or what device you are using. SHARE: Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance. Related Articles