The Binder acts as a temporary insurance policy during the underwriting phase, a period of up to 60 days during which the insurance company is reviewing your application and preparing your final policyĬar Insurance– A contract that is made between an insurance company and the purchaser of the contract (insurance policy).
This event can cause physical damage to the vehicle or object and to the occupants in the vehicle.Īn Auto Insurance Binder is a letter promising you temporary car insurance, issued to you by an auto insurance company. Accident– An event where a vehicle is struck by another object or strikes an object.
