![]() ![]() You're legally protected by an insurance contract exactly as if the official policy has already been approved by underwriting. More importantly though, it's called a binder because it's legally binding. The same terms that are specified in your policy are also legally enforceable as part of an insurance binder.īut why is it called a binder? Isn't it more like a safety net? A bridge? A connection? Well. It's a temporary legal placeholder until your official insurance policy is issued. ![]() We’ll break it down.Īn insurance binder basically proves that there’s a formal agreement in place between you and the insurance company. You can drive it, but you need a car insurance binder. Does that mean you can't drive your dream car for a whole week because you don't have any insurance? Not necessarily. ![]() You've already called your insurance agent with the car's details and the type of coverage you want, but it's going to take a week for the underwriter to complete the formal contract. After saving for years and browsing for months, you finally found The One-it’s even the right color! ![]()
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