Typically when there are changes in your life, your first thought may not include telling your agent; however, certain situations do require that your insurance agent be informed. When things get hectic in your life and you begin to make switches, you may forget to think about each detail regarding protection of these life changes. In order to remain adequately protected, you need to realize the importance of keeping your insurance agent informed.
Some Common Situations That Your Insurance Agent Needs to Know:
- A Change in Mortgage or Lender
This is one of the biggest mistakes that customers make. Assume that you are involved in an accident and a claim payment is being issued. The check will typically be made payable to both you, as the named insured, along with the lender named on your auto insurance or homeowners insurance policy. If there has been a change in your auto lender/mortgage, it may cause delays when it comes to processing your claim.
- A Change in Marital Status
If there is a change in marital status (either divorce or marriage), it is important that your insurance agent know. If there is a claim, things could get sticky if your ex-spouse’s name is still on the policy.
- A Loan Payoff of Your Car or Home
If the customer fails to tell their insurance agent that they have paid off their auto or home loan, the lender’s name will remain on the insurance policy. If there is a claim, the check will be made to both the insured (you) AND the lender named on the Declarations Page of your policy. This may result in a delay in a claim payment.
- The Purchase of an Additional Car or Replacement Car
This happens all the time. You purchase an additional car or trade in your existing car and you assume that the lender will notify your auto insurance agent. Never assume anything! Always contact your insurance agent immediately after a replacement or additional purchase to ensure you are adequately covered should there be an auto accident. Coverage issues will come into question if the vehicle is not listed on the Declaration’s Page of your auto policy.
- The Name of a Regular Operator of Your Car
Anyone that is a regular operator of your vehicle needs to be listed as a driver on your auto insurance policy. You may have a situation where somebody moves in with you and starts driving your car on a regular basis, but you fail to notify your insurance agent. If there is an auto accident, “permissive use” may come into question.It only takes a quick phone call to keep your insurance agent in the know. Our goal is to process your claims as quickly and efficiently as possible when the need arises. If your insurance agent doesn’t know, it causes delays for YOU.
Give our office a call TODAY at 866-869-3335 for any of your questions regarding information needed to avoid coverage gaps in your insurance policy.