You’re likely here because you received a letter or email from your financial institution asking you to verify your insurance coverage. MyInsuranceInfo partners with your financial institution to help make sure your insurance information is up to date and to be sure you’re sufficiently covered.
You might be wondering, “why do I need to verify my insurance at all?”
When you took out a loan to buy your collateral, such as a home, car, boat, or RV, that loan agreement required a proof of insurance to ensure your collateral is protected. Now, for one of a variety of reasons, your lender doesn’t know if you have the coverage you agreed you would have. Luckily, it is a simple fix to set the record straight. By completing MyInsuranceInfo’s easy verification process, we will make sure you are sufficiently covered, and that your financial institution has the most up-to-date information.
When you take out a new loan, you have to provide proof of insurance on the collateral within a certain amount of time. If your financial institution hasn’t received that insurance information, that could trigger a notice. By inputting your insurance coverage information through the MyInsuranceInfo portal, your financial institution will receive the updated proof of insurance, and you won’t need to take any further action.
If you’ve recently made changes to your insurance coverage, be sure to review those changes against the requirements of your loan agreement. For example, some agreements require certain deductible amounts, so if your new policy has a high deductible, this could trigger a notice. You can identify any of these discrepancies by reviewing your loan agreement.
If you recently canceled an insurance policy, that could also trigger a notice. As long as you have sufficient coverage, you can submit that new information into the MyInsuranceInfo portal, and we will update the system to be sure your financial institution has your new coverage information.
Your “lienholder” is the company or institution who loaned you money for this particular purchase, usually a bank or credit union. If your financial institution is not listed as the lienholder, that means they aren’t being alerted with insurance policy updates. To see if your financial institution is listed as the lienholder, you can check the declarations page of your insurance policy document. If they are not listed, finish the verification process on this website, and then call your insurance carrier to get your lienholder listed on your policy.
Some insurance providers are “non-continuous insurance carriers,” which means your insurance policy does not renew automatically. If you have a policy with a non-continuous carrier, you could have received this notice because your insurance policy has expired, and you need to renew that policy.
Even if you do have a continuous insurance carrier, meaning that your insurance policy does renew, you will still be asked to re-confirm your coverage every three years. So, if we’ve had the same insurance information on file for 3 years with no update, you will receive a notice to verify your coverage. You’ve done nothing wrong. This is just a step to make sure you’re still sufficiently covered. Once you complete the simple verification process, you should be all set.
If you recently received a notice from your financial institution, no need to worry. MyInsuranceInfo goes through this verification process with thousands of individuals every month. If you received a notice, it might be for one of the common reasons listed above. Completing the short verification process through the MyInsuranceInfo portal should clear up the misunderstanding.
Any time there is a change or renewal to your insurance policy, it’s best to review it against your loan agreement to make sure it meets the requirements. Also, it’s always good to double-check that your financial institution is listed as “lienholder” on your policy to be sure everyone involved will remain informed. As long as you complete the MyInsuranceInfo process, you should be able to clear up any questions now and avoid future confusion.
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