how long does it take to get homeowners insurance binder

When you shop for auto insurance you should compare costs and coverage from several companies. Do all insurance companies have the same costs? If you work with a broker, you will usually pay a broker's fee. Do I pay a fee to my agent or broker?Īgents are paid by insurance companies, not by you. It will not pay more than $100,000 for one accident. In this case, your insurance will not pay more than $50,000 for one person. The insurance company will not pay any costs above the limits.Įxample: Let’s say that your auto liability coverage has a $50,000/$100,000 limit on bodily injury for one accident. The limit is the total amount the insurance company will pay for a single accident or claim. LimitsĮach kind of coverage has its own limits. Then your Comprehensive coverage pays the rest-$1,000. If a storm causes $1,500 of damage to your car, you must pay the first $500. You usually pay a lower premium if you choose a higher deductible.Įxample: Let’s say that your Comprehensive coverage has a $500 deductible.

A deductible is the amount you must pay before the insurance company pays anything on a claim. Ask if there is an extra fee for doing this. Most insurance companies allow you to pay the premium in installments. The premium covers the term or length of the policy. Contact us at:Ī premium is the amount you pay to the insurance company to buy your auto policy. See page 28 for more information about CDI. We also work to protect the rights of insurance consumers. We are the state agency that regulates the insurance industry. This means that the policy will not cover accidents when they are driving.Ĭontact the California Department of Insurance (CDI) Some drivers might be excluded from your policy. Read your policy before you allow others to drive your car. Your auto insurance policy is a contract between you and your insurance company. If you do not have auto liability insurance, you can be fined, your license may be suspended, and your vehicle could be impounded.

California law states, 'All drivers and all owners of a motor vehicle shall at all times be able to establish financial responsibility and shall at all times carry in the vehicle evidence of the form of financial responsibility in effect for the vehicle.' Most people show financial responsibility by buying auto liability insurance. You must show financial responsibility for any vehicle that you own, in case of injury to other people or damage to their property. Your motor vehicle may be an auto, truck, van, motorcycle, or another kind of private passenger vehicle. Your policy is a legal document, and it is important that you understand it. It can help you understand your auto policy. This brochure can help you compare policies and make informed decisions when you buy auto insurance.

Auto insurance helps pay for the injuries and damage that can happen when you own and drive a car or other motor vehicle.

How long does it take to get homeowners insurance binder