The money is obvious. And, of course, having a vehicle to insure and a garage address is another. A completed application with signatures applies to all sources. Additionally, each company will have its own unique set of guidelines for what you will need. Lastly, legal requirements can change in different jurisdictions.
Payments to start a policy are made primarily by check or credit card. Today, many policyholders use an electronic form of payment. For credit and debit cards, the account number, expiration date, and security code are required. For a wire transfer of electronic funds, the bank account and routing numbers. In either case, the account holder, who is not always the policy holder, must provide authorization.
Before a policy can start, the exact vehicle identification number or VIN (17-digit alphanumeric) is needed. Providing the make and model year is insufficient. Each car has a unique VIN that identifies the characteristics of that particular car. Air bags, antilock brakes, and other vehicle features are checked. The CLUE (Claims Loss Underwriting Exchange) reports indicating that the vehicle claims history requires the correct VIN.
Information that is not provided in computer-generated reports, such as MVR and CLUE, is required to complete the application and issue (start) a policy. Be prepared to provide the name and address of the employer (school) of all drivers. When making car payments, you need the name and address of the bank or leasing company. The application must be signed and the payment authorized.
Businesses often require a variety of documentation to support the policy. Proof of prior insurance or school record for discounts is typical. Vehicle photographs or policyholder photo identification are less common. If there are different vehicles in the home covered by another insurance policy, you may be required to provide proof. Not all jurisdictions have the same legal requirements. For example, 7 Florida counties require mandatory vehicle inspections when starting a new policy that includes physical damage coverage.
Most, but not all, of the information needed for a policy is generated by reporting your name, address, driver’s license, and VIN numbers. It is imperative that the 17-digit VIN number you provide is correct. Complete information, payment details, specific requirements, and signatures are what you need to establish an insurance policy.