Five Things You Need for an Insurance Policy

Purchasing insurance is often a requirement more than it is an optional expenditure. This is especially true for car insurance as well as business insurance coverage. When setting out to determine which insurance policy to buy, and when you finally settle on a policy, there are various documents that you need. However, the precise set of documentation or things you need for an insurance policy may vary with the type of policy you want to purchase.

Quotes

Insurance quotes help to determine which insurance policy suits you best. You may obtain insurance quotes online from insurance companies' websites or from insurance salespersons. Insurance quotes indicate the different premium structures offered by an insurance company. It is also advisable for you to obtain a copy of the insurance policy to enable you to compare different benefits, coverage and premiums offered by different companies.

Identification

When purchasing an insurance policy, most insurance providers require that you provide identification documents. These are proof of your citizenship or residency status in the country. Typical identification documents include a passport or driver's license in the case of personal insurance or a state identification card or passport in the case of a car insurance policy. Other relevant documents of identification include birth certificates and Native American tribal documents.

Financials

You also need documents that encapsulate your financial information or information about the property to be insured. These include documents such as copies of lease agreements or a bill of sale for car insurance. Documents that demonstrate ownership of business and income levels are also helpful. These include business licenses and tax return stubs. Both employed and self-employed prospective policy holders also need to illustrate income levels. People with a disability or who are retired may use Social Security stubs to demonstrate income levels.

Records

Records of ownership and health are fundamental documents for an insurance policy. This is especially true in obtaining a health or life insurance policy where you need to present medical records from your physician. Ownership of a business or property is also required to insure property such as business assets, a home or a car. These records are essential because they provide the insurance company with accurate information to determine how much you may claim in the event of an accident.

Application Forms

Identification documents and records accompany the insurance policy application. You may obtain application forms online from an insurance company's website or you may get these from insurance salespersons. It is essential to provide accurate information in the application to ease the process of obtaining your insurance policy. You should obtain the insurance policy from the insurance company approximately 60 days after your application is submitted. Read through the insurance policy to ascertain that the terms of the policy are correct.