Insurance, whether for your vehicle, home, or business, is important to have for legal compliance and personal protection. At times, you may need to provide proof of your insurance policy for applications of various kinds, ranging from mortgages to obtaining vehicle registration. You likely have insurance paperwork on file, but what is proof of insurance, and where can you find it?
Read More: What Is Commercial Insurance?
TL;DR (Too Long; Didn't Read)
If you are insured, you may obtain proof of your policy online or by contacting your insurance provider. Insurance cards, declaration pages, signed letters and certificates of insurance are considered proof of insurance.
Proof of insurance is any type of documentation that can be furnished to prove that you are covered by a particular insurance company. This sort of document is usually a paper card provided by the insurance company listing policy details and coverage dates. In the case of car insurance, these cards are to be kept in your vehicle to show to law enforcement or courts. Other proof of insurance, such as for your homeowners or business liability policy, can be kept at home in a safe place.
How to Get Proof of Insurance
If you have not been provided a copy of your insurance documents or are unable to locate them, you will need to request proof of insurance. Contact your insurer and explain that you are looking for proof of your policy. It should be able to provide you with things like an insurance card, policy declarations page, insurance binder or a signed letter indicating your coverage. In some cases, an electronic version of these documents may be accepted, offering you faster resolution.
How Much is a Certificate of Insurance?
A certificate of insurance shows that you possess insurance coverage. This can be shown to clients, venues or government authorities to prove that you are covered. Generally, a certificate of insurance is related to business liability policies. This sort of liability coverage can protect your business from bodily injury claims, property damage losses and personal injury cases.
The cost for a certificate of insurance and associated liability coverage varies depending on its use. However, businesses in most industries can expect to pay an average of $741 a year for liability coverage, with a median cost of $428. Small business owners can expect to pay less.
What is Included in a Certificate of Insurance?
A certificate of insurance includes details about the policy you hold, including what it covers, your financial protections and your effective policy dates. Though your insurance binder or policy coverage documents may go into more detail regarding your coverage, the certificate of insurance provides an overview and serves as proof of insurance.
For businesses, a certificate of insurance is often necessary to win bids or contracts. Potential clients or vendors may ask that you add them to your liability policy. This sort of addition can be arranged through your liability insurance provider.
How to Get Proof of Insurance Online?
Most major auto, home, life and business insurance companies offer customers the option to download proof of insurance from a secure account portal online. This can be handy if you have lost your policy documents or need to furnish a copy alongside an application. Generally, there is no cost to obtain digital proof of insurance.
Read More: Types of Insurance Contracts
- New York State DMV: Providing Proof of Insurance
- DMV.org: How to Obtain Proof of Insurance
- Insureon Insurance: How Much Does General Liability Insurance Cost?
- Legal Beagle: Types of Insurance Contracts
- Legal Beagle: What Is Commercial Insurance?
- Legal Beagle: Is it Illegal to Not Have Car Insurance?
- Legal Beagle: What Does Liability Insurance Cover?
Danielle Smyth is a writer and content marketer from upstate New York. She holds a Master of Science in Publishing from Pace University. Her experience includes years of work in the insurance, workers compensation, disability, and background investigation fields. In addition to being the content writer and social media manager for Alliance Worldwide Investigative Group, she has written on legal topics for a number of other clients. She owns her own content marketing agency, Wordsmyth Creative Content Marketing (www.wordsmythcontent.com) and enjoys writing legal articles and blogs for clients in related industries.