Can I throw away my auto insurance bills?

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I switched auto insurance companies back in April (2011)

Is there any reason why I would need to keep my bills from the old insurance company?

I hate holding on to trash, but at the same time, I always file away all important documents (just in case).

I see no reason why I would need to keep bills from my previous insurer. Am I right?  Or is there something I’m missing?

Answer 1

There are a couple of reasons you might want to keep your insurance bills.

1) The policy number – It might be a good idea to keep the policy number for reference if need be.
2) Tax Write Off – If you are self-employed and write-off your insurance costs for your business, you might want to keep your bills around so you can have the numbers when tax season rolls around.
A good alternative would just be to go paperless… file everything online or on your PC.  Then you won’t need to keep all this old clutter! (It’s good for the environment too! Check out this article on going green)

Answer 2

Whether it is important to keep or not your insurance bill, I think there is no harm in keeping those documents. =)

Like what our admin informed about the importance of keeping it thinks at the end of the day it is better to keep them on your files to track your payments and can be helpful in the long run.

Answer 3

It will be nice if you maintain an record for all these payments, because in case of any dispute it will help to prove that all the payments are done on time.

Answer 4

maintain your records so you can track your expenses over the years, it can be usefull when you’re doing you’re annual shopping around.

Answer 5

The only reason you should keep your insurance bills :

If you believe you could fill a claim for a loss that happened when you were insured with this company. If by any chance you discover something broken on your car and you think it happens before you switched to another company, your claim will be with your ex-insurer.

Let’s say you had a minor accident and you didn’t claim anything. Maybe the other driver involved will declare the accident. You will then have to manage the situation with the company that was insuring you at the moment of the accident.

Your coverage doesn’t follow as you switch companies. The moment of the loss is the primes. Even if the claim is fill years later.

Answer 6

I agree with the admin, it’s important to save your insurance paperwork for your records.

If it’s just the clutter and excess of paper that is bothering you and you have yet to go paperless – try scanning them to your computer so you can start keeping electronic records.

Be wary that your hardrive could also fail, so backups are recomended (in paper or electronic form).

Answer 7

For me, it wouldn’t be a bunch of trash but a bunch of “emergencies” reference. Might something happen, we don’t know could it be a big HELP!


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