Photograh Credit: Flickr (Auto Insurance)
If your fall is turning over more than one new leaf, then you are not alone. Life stays really busy which is why staying organized remains a top priority for me.
The better organized I am, the more efficient and less overwhelmed I feel. By getting and keeping the paperwork and important documents organized and filed, I can quickly access these items while using time wisely.
Last week, I concluded the items in the tenth file slot of Box 1 of 3 in my important documents filing system. The eleventh file slot houses documents relating to our second vehicle.
TIP: If you are a one-car family with a boat, then your boat items could be housed in this eleventh file slot. Remember to customize your filing system to meet your needs. I will share the contents of my filing system as an example of what works for me.
The first set of documents housed in my eleventh file opening are these insurance documents for our second vehicle:
1. Current Insurance Receipt
In case there is a discrepancy, I keep a copy of the current premium payment receipt. Though I have never had a problem, I keep it just in case it is needed.
2. Current Insurance Policy
This booklet is a comprehensive explanation of our insurance policy detailing our coverage, including exclusions. If I have a question regarding coverage, this document outlines the details. Should I need to file a claim, I will read the corresponding section of this booklet to be sure the claim meets all the requirements.
3. Current Declarations Page
Besides proof of insurance, this one-page document itemizes the coverage and limits with the premium costs. In the event a claim needs to be filed, this document provides a summary of our deductibles and maximum limits for this policy.
4. Previous Insurance Receipt
Since we pay semi-annually, I will keep 1-2 previous payment receipts for verification of continuous coverage. I also like to compare the cost of this year’s policy’s premium to those of last year. If there is a significant increase or decrease, I will research to be sure we have adequate coverage.
5. Previous Declaration Pages
When my insurance company makes a change to the coverage or limits of my policy, I receive written notification with the details. If the need arises, I can compare the former coverage with the change. I keep these declaration pages in this file slot in the event I need clarification.
6. Initial Insurance Binder
When we sold our old Honda, which was covered by this policy, we turned around and purchased our new-to-us Honda vehicle. The policy was transferred from the old Honda to our current Honda. At the time of transfer, we received this insurance binder detailing the transfer. I keep this document showing the transfer in this file slot with my insurance documents.
7. Certificate of Guarantee Renewal
Having been with State Farm Mutual for over 10 years, we have earned the guarantee renewal certificate for all vehicles insured through State Farm. I shared the details of these benefits in the Vehicles: Car #1 – Insurance Documents.
8. Privacy Policy Information
This letter, sent annually from our insurance company, explains how they use our personal information. I file this correspondence in this opening with our insurance documents.
All these items are paper clipped together and housed in this eleventh file slot in Box 1 of our important documents. As I get new documents, I will either replace expired items or add it to these documents. Keeping them together under the vehicles category helps me stay organized.
Filing additional items takes seconds without misplacing or stashing in a currently convenient place where I will forget to look later. In using time wisely, I have found an organized system saves my family money, energy, and time. Wishing you the same success . . . happy organizing!
Question: How many vehicles (cars, boats, and RVs) does your family own, rent, or lease? If you feel comfortable answering, please add your answer to the comments.