Back dating insurance

Posted by / 18-Jan-2020 11:08

Back dating insurance

Saying that the auto insurance policy was in force before the actual date of purchase has potentially large liability consequences; it would leave auto insurers open to claims and other issues dating back before the time they agreed to accept you and your vehicle for coverage If backdating were acceptable, then what would stop drivers from purchasing car insurance only after it was needed due to an accident?

Auto insurers would have no adequate way to assess risk since they could be paying for damages done before they even took on the person as a policyholder.

It would put the insurer in a very precarious place.Backdating is the practice of assigning a date to a document that is earlier than the date the document was originally created or signed and finalized.Under most circumstances, backdating is considered fraudulent and illegal.You can obtain the auto insurance coverage that you need only for today and going forward.Shopping around with different car insurance companies for a legitimate policy can help you save money as car insurance can vary by hundreds of dollars, if not more, from one company to the next.

back dating insurance-83back dating insurance-53back dating insurance-74

LIC charges 10% per annum on a pro-rata basis* Usually, no interest is charged if the policy is backdated by less than a month or before 30 September* Back-dating lowers the premium if the issue date is before your birthday.