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How Long You Should Keep Car Insurance Records and Why?

Published On Dec 10, 2021 10:00 AM By InsuranceDekho

It is important to have automobile insurance, and it is your job to maintain track of your insurance records. Take notice of how long you should preserve your auto insurance records after reading this article.

It's critical to understand how long your four-wheeler insurance records must be kept. Some documents can be thrown away, but others must be kept for a longer length of time. Keeping track of your financial paperwork is both a need and a good personal practice. Private and financial records should be stored where they are easily accessible, whether they are digital or physical documents. Even your automobile insurance policy should be kept in a secure location where you can access it at any time, especially if authorities want it. 

How Long You Should Keep Car Insurance Records and Why?

How Long Should Car Insurance Records Be Kept?

A lot of papers should be saved and kept for a longer period of time. The following documents should be kept:

  • Insurance Card for Automobiles

This card should be maintained in your vehicle at all times. You should have a digital insurance card and a print copy on hand in case you misplace your phone. In certain states, having a card in your automobile is required. If you have an accident, you will need your insurance card since it contains various facts such as your policy number, registration number, and other important information.

  • Auto Insurance Policy Declaration Page

In addition to your name and address, the declaration page contains a description of your policy's coverages and deductibles. You must keep this document in a secure location until you receive a replacement.

  • Documents Associated With a Claim

Keep any repair invoices, receipts, and other information with you if you have an open claim. After you get payment and the claim is legally closed, you can discard these records.

  • Billing Statement Every Month

If you use your automobile for work or have a home office, maintain your billing statements for tax purposes. If you're audited, you'll have to demonstrate all of your bills over the previous seven years.

Why Do You Need a Copy of Car Insurance?

An automobile insurance policy is a contract that you and your insurer have agreed to. From the time the policy is issued until the policy expires, the insurer offers financial assistance against third-party liabilities or vehicle damages for the premium you pay. The coverage specifics, exclusions, and terms and conditions are all included in the automobile insurance policy. 

When you file a claim, the insurer will look over your policy and the terms and conditions to determine how to handle the situation. Knowing the specifics of your coverage can assist you in determining what sort of claim to file. Policy terms are also included in the policy document, which you can consult during claim settlements. As a result, it's critical to maintain or save vehicle insurance coverage to assist you in the event of a claim.

Take Away

You don't have to keep outdated, null, void, or expired insurance policy paperwork unless you have a legitimate need for them in the future. While it is unrealistic to keep all of your vehicle insurance-related paperwork in your records, you may need to withhold some of them depending on the situation. In most circumstances, automobile insurance documentation can be thrown away quickly after the coverage has expired. 

You do not need to be concerned if you decide to cancel your current coverage. All of the documents relating to your insurance will be kept by your insurance carrier, and you will be able to access them online at any time. However, you must carry a large number of documents with you. Keep your insurance documentation until you're certain the claim will not incur any further fees.

Also Read: 

Significance of Cashless Garage Facility in India

What To Do If Magma HDI Car Insurance Policy Gets Lapsed?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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