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An auto insurance binder is often issued by the insurance company or an agent/broker. It is typically a document that indicates the date that coverage will be effective. It may be immediately or a date in the future.
The binder can only be issued by an authorized and licensed representative of the insurance company and is often used when a home is purchased or a vehicle is driven off the lot.
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An auto Insurance Binder is typically prepared by your Insurance Professional either at the time you first purchase your policy or for any subsequent significant changes you may make to it. It is an official document identifying you as the insured, certifying the coverage you have, clearly identifying the vehicle or vehicles that are covered and, if need be, listing the lien holder or Leasing company with an interest in that particular car. The binder serves as temporary proof of coverage until your permanent declaration sheet and supporting documents are received by you.
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The binder can only be issued by an authorized and licensed representative of the insurance company and is often used when a home is purchased or a vehicle is driven off the lot.