During this process, the insurance company gives applicants a temporary binder letter, so that you are not without any form of protection. Once you apply, the insurance company initiates a process to assess the risk of each driver. ![]() However, there is actually a lot of work that happens behind the scenes. When you go to an auto insurance agent’s office and buy same-day cheap auto insurance coverage, it’s easy to assume the process is straightforward. What is a binder for auto insurance? Most auto insurance consumers don’t understand what goes on after they submit an application. As long as you make a payment with your application, the insurer will give you a temporary binder letter.A quote is an estimate – your rates aren’t guaranteed until after the policy has been fully underwritten. ![]()
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