Progressive Auto Insurance is a leader in electronic and online technology. You can call for a quote during business hours or complete the online quote request form at any time. We will respond as quickly as possible with a Progressive Quote. If you like the price we can send you an email with the application to sign electronically and you can print off proof or a binder for the dealer or lender immediately.
If you already have a policy with Progressive through InsureSource, you can call 503-693-2852 or call 503-489-3143 if you bought through Pulse Insurance, during business hours and we can make a change to your policy and provide for you or a dealer or lender the binder you need to get your new car off the lot.
After business hours you can call Progressive directly on their 24 hour customer service line at 1-800-876-5581.
Technology makes it easy for us to send a binder to your lender or mortgage company. Most finance companies, dealers, real estate brokers, loan officers and processors and closing or escrow officers will accept a faxed or emailed binder.
A binder differs from a policy declarations page, certificate, application or identification card in that the insurance company may not even know yet that the policy exists. Insurance companies contract with insurance agents and in that contract define a certain authority the agent has to obligate the company to insure a risk. This is called binding authority. It would be assumed that the insurance company has done its due diligence to investigate the professional ability to represent the insurance company out in the field or market place. Once the insurer is satisfied the agent knows the business, has the proper licensing and malpractice insurance in place, it will grant him or her the limited authority to declare a certain property, car, activity or event insured by the company. These properties, cars, activities, etc. are referred to as the risk. This action by the agent to issue a binder is called binding the risk.
The document the agent issues to the interested parties such as lenders, mortgage companies, finance companies, real estate agents and such is called a binder. It is a temporary contract that has very limited information about what is insured, for how much it is insured and by whom. The binder has a time limit. The State of Oregon grants insurance companies the right to cancel a policy if the risk the agent has bound does not meet the rules, guidelines and merits of acceptability by that company. It could be a mistake on the part of the agent not knowing the rules, purposely ignoring the rules or not knowing all the pertinent information about the risk to make a proper judgment before issuing the binder and accepting the risk on behalf of the insurance company. That is why the insurance company allows insurance agents to only issue a binder with a time limit of say 30 days. That gives the insurance company time to review the application and decide whether the risk is acceptable to them or not.
A binder is a big deal. The authority an agent has to issue a binder is a big deal and a lot of professional responsibility and should not be taken lightly. Your financial well being is in the hands of your agent. Your agent ought to be extremely familiar with what the insurance company he or she represents will accept. Fortunately, most insurance companies provide sophisticated software programs and websites that assist the agent in selecting the risk. The rules and guidelines of acceptability are built in to the programming of the website and if the agent fills in all the blanks properly, then very few mistakes ought to be made. These tools aren't 100% foolproof. The agent must still use extreme caution and analytical skill to decide where to place a risk.
Very common. Oregon law requires that an insurance dealer have on file a copy of the proof your new car is insured before they can release the car to you. If you have an existing policy, just call your auto insurance agent or company and add the car to your policy. The agent or company can then fax or email an auto insurance binder to the dealership. If you completed your purchase after business hours of your agent, you can call the insurance company directly. Many companies have 24 hour customer service and may be able to add the new vehicle to your policy and provide the dealer a binder.
If you have an auto already insured for full coverage you should be able to simply provide the identification card or copy of your policy to the dealership. So, when you go shopping for a car, be sure and take your in-force car insurance policy with you as proof. That way you and the dealership don't have to go scrambling for the proof you need. Your policy should automatically extend to "newly acquired vehicles" for a period of time say 14 or 30 days. This extended period of time IS NOT FREE COVERAGE. It simply means you are given enough time to get with your company or agent during business hours to have them go back to the date you bought the car and add it to your policy. Yes, you are covered during that Newly Acquired Vehicle coverage period so you must pay for the coverage. The clause in your policy was invented just for these situations. Many believe it is free coverage and that they can wait until the 30th day to add the vehicle to their policy. That is a dangerous thing to do.
First of all you don't have proof to carry in the car while you are waiting for that 30 days to run out. You can get a ticket from an unsympathetic police officer for failure to carry proof or no proof of insurance. Either one may require you to carry a policy with SR22 for three years. You may be involved in an accident and you don't have proof for that vehicle to show the other party(ies) at the scene your insurance information. An uninsured accident in the State of Oregon carries with it a one year automatic suspension of driving privileges. Although you might be able to later prove you had insurance, the fact that your car was not on the policy at the time of the accident and you didn't have something to show the attending officer can lead to a lot of headache and confusing cleaning up the paperwork mess later on.
It's just a good idea not to play the 30 day wait game. Call or email your company or agent as soon as you can after you get home with your new car. Give them the new VIN, year, make and model. Tell them whether you traded in a car or not. If the car is for a new driver, give them the name, date of birth and drivers license of the new driver who will be assigned to the new car. With the technology we have today, there is no reason why you wouldn't be able to inform your insurance agent or company within 72 hours after obtaining a new vehicle of the new purchase.
Now, let's suppose you have no insurance policy. You've been without a car. So, there was no reason to have insurance. You can call us at 503-693-2852 to request a quote if you are on the west side of the Portland, Oregon area. If you live on the east side of Portland, call 503-489-3143. Or you can simply fill out this form, day or night, and well will try to get back with you as soon as possible to help you get that new car off the lot.
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