Last week, I shared the checklist of items housed in the vehicles category of our important documents. Since our family owns 2 vehicles, 0 recreational vehicles, and 0 boats, I have our documents housed in 3 file slots.
- Car #1
- Car #2
- Miscellaneous vehicle documents
If you have numerous cars, recreational vehicles, and boats, then you might consider a slot per item or per type of item. Depending on your preference, you might need another file or larger file to hold these documents.
Whatever system you choose, be sure to label. You will then be using time wisely as you quickly retrieve your documents. 🙂
Having filled the first nine slots in our accordion filing system, I will now concentrate on the tenth file opening which houses documents for our newest vehicle. The first set of documents includes:
1. Current Insurance Receipt
In case there is a discrepancy, I keep a copy of our receipt showing payment for the current policy.
2. Current Insurance Policy
This document shows our dates of coverage and lists our limits and the premiums.
3. Current Declarations Page
My page actually consists of 4 pages. This record itemizes the coverage limits and explains what is covered under each premium section. This document will be needed if a claim needs to be made against this policy.
4. Previous Insurance Receipt
Since I pay semiannually, I choose to keep one year’s worth of documentation in my file for proof of continuous coverage. I can also compare the renewal notice with the last two receipts to identify any changes.
5. Previous Insurance Policy
To verify that our coverage remains the same, I keep the previous 6-month notice for comparison.
6. Previous Declarations Page
Sometimes the details change at the time of renewal, so I like to have a reference of the current policy vs. the change.
7. Guaranteed Renewable Policy letter
Having been with the same insurance company for over 10 years (actually around 17 years), I have earned the following discounts:
- A 10-year accident-free discount. This discount amounts to a 20% discount on at least one of our vehicles.
- Guaranteed Renewable Policy. Our car insurance policy will be renewed regardless of our future accident record, and includes all vehicles insured with our insurance company (State Farm).
In case you are wondering if I have shopped around for car insurance rates. Yes, I have. Since we are insured with State Farm Mutual, we get the lowest prices on our premium. I have not found an insurance company that can offer the same coverage for the price we pay. State Farm continues to serve us well.
8. Privacy Policy Information
Each year State Farm sends a copy of their privacy policy. I keep this policy with my insurance paperwork.
All these items are paper clipped together and housed in this tenth file slot of my accordion filing system. Keeping the insurance documentation together for this vehicle allows me to quickly find the information I need. For example, I quickly found my vehicle’s VIN (Vehicle Identification Number) when filling out the claim paperwork from hitting the pot hole.
With all my important documents together, I just need to find the correct category and slot to get the items needed. Keep using time wisely by getting these documents organized.
Question: What type of filing system is working for you? Please add your answer to the comments.
