MyInsuranceInfo is accessible 24 hours a day, 7 days a week, so you can get information immediately. You can access it at www.myinsuranceinfo.com. It is a requirement of financial institutions that you have insurance when you take out a loan. You can verify that you have adequate insurance coverage by using MyInsuranceInfo.
To ensure that your collateral was protected, the loan agreement you signed to buy your collateral, such as a home, car, boat, or RV, asked for proof of insurance. A variety of reasons prevent your lender from knowing if you have the insurance coverage you agreed to have. These are some of the reasons you might have received a letter and have to confirm your insurance.
What Are The Insurance Verification Reasons?
- Whenever you take out a new loan, you’ll have to provide proof of insurance on the collateral within a certain time frame. In the event that the insurance information has not been received by your financial institution, you might receive a notification.
- Verify that your new insurance coverage meets the requirements of your loan agreement if you have recently changed your insurance coverage. You may receive a notice if your new policy has a high deductible, as some agreements require certain deductible amounts.
- Cancellation notice may also be sent if you have recently canceled an insurance policy. If you have sufficient coverage, you can submit your new information through the MyInsuranceInfo website, and we will update our systems, so your financial institution has your new information.
- In the case of a non-continuous insurance provider, your policy may not automatically renew. If you have an insurance policy with a non-continuous provider, you may have received this notice because your policy has expired.
- No matter whether you have a continuous insurance provider, which means your policy renews every three years, you will still have to confirm your coverage every three years. Therefore, if they haven’t updated your insurance information in three years, they will send you a notice to verify your coverage.