People usually leave their insurance agent about major life changes such as starting of a business or to have a baby.
But there are other bodies that slip under the radar. One of the most common is when you change mortgage or auto lenders.
With few exceptions, your insurance company will usually issue a check for your lender when there is a demand. If the wrong lender is listed, it may cause delays in processing your request.
"Problems can arise when a client does not tell his agent about a new mortgage or auto lender," says Jackie Tirpak, Vice President and Claims Manager, Branch Illinois at the Erie insurance. "They can also occur when a client does not let an agent know their house or car is paid in this case, the lender will stay on the insurance year after year."
And that can eventually lead to complications when it comes time to pay a claim. "At ERIE, we try to settle a claim as quickly as possible," Jackie said. "We are obliged to issue a check to the name on the policy. When the information is not correct, there is usually a delay because we have to stop the check or recover before issuing another. "
Most mortgage and auto lenders require proof that they are listed as insured on your policy. But things can fall through the cracks at times. That is why it is always best let your insurance agent know if you change your mortgage or auto lender. (another sticky situation may occur when your marital status changes and an ex-husband or wife is still listed on the policy.)
Talk to a professional insurance as an Erie insurance agent about an annual exam. He or she can get your policy updated and help you fill coverage gaps.
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