What happens to an unclaimed auto insurance premium check?
Your auto insurance company will try to mail you a check and notify you if it hasn't been cashed after a month or two. Compare multiple policies to see differences in processes.
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Schimri Yoyo
Licensed Agent & Financial Advisor
Schimri Yoyo is a financial advisor with active insurance licenses in seven states and over 20 years of professional experience. During his career, he has held roles at Foresters Financial, Strayer University, Minnesota Life, Securian Financial Services, Delaware Valley Advisors, Bridgemark Wealth Management, and Fidelity. Schimri is an educator eager to assist individuals and families in ach...
Licensed Agent & Financial Advisor
UPDATED: Oct 21, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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So you want to know, do insurance checks expire? Will an insurance company reissue an expired check? How long is an insurance check good for? Keep reading to find out the answers to these questions and more.
Unclaimed car insurance money can wind up in one of two locations. Before you start making calls, you will need specific information. This can help determine where you start looking. Remember that car insurance checks are not the same as premium refunds for unclaimed property.
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Auto insurance premium checks are usually sent when a policyholder cancels and the balance is sent back. In many instances, this is because after the cancellation, a credit is placed on the account for the unused portion and a check is generated and mailed to the address on file.
Maybe the policyholder never received the check or perhaps it was stolen or destroyed after leaving the auto insurance company’s mailroom.
At any rate, the unclaimed auto insurance premium checks are placed in this status because the party who was supposed to receive the payment never cashed the check.
In this case, each insurance company has their own individual fail-safe and procedures. For example, the process for a State Farm unclaimed property check might differ from the Progressive Insurance unclaimed property check process,
If after a certain number of days, some wait 60, 90 or even 180, the check has not been cashed it is considered void. At that point, the automobile insurance company usually sends letters to the policyholder advising of their intention to send them the money.
- Auto insurance premium checks are usually sent when a policyholder cancels and the balance is sent back
- In most states, the auto insurance company must retain the unclaimed check for a specific period of time and you can just respond to the letter
- If you are not sure if you have money that is due, the first step is to go to a site called Missing Money and complete a search
- Since your unclaimed auto insurance premium check was more than likely the result a lack of communication, make sure you ask questions about any refunds due when you cancel your policy
Claiming your Auto Insurance Premium Prior to State Notification
So, image yourself in the scenario where you think, my car insurance company sent me a check, so can I cash my auto insurance claim check? Well, that depends. And if you don’t, in most states, the auto insurance company must retain the unclaimed check for a specific period of time and you can just respond to the letter.
However, if you have moved and failed to forward your new address through the United States Postal Service, you may not receive the notice.
You can always contact the auto insurance company if you know you have a refund due. Most people who have online accounts can access their information via the Internet and review their final statement.
As long as you can verify the previous account number and amount you are owed, you can send a “replace my check” request, and they can simply cut a new check and send it to your new address.
However, what happens if you do not know you should get a refund?
If you have canceled your policy and were not advised of a credit balance or do not have the ability to check online, you may not be aware of the amount due.
In these types of situations, the auto insurance company must keep the check on file and in their possession in accordance with state law.
The timeframe varies from state to state, so you can look up insurance check cashing laws in your state. For example, The Pennsylvania Treasury requires a five-year hold. This means the automobile insurance company cannot transfer these funds to their office unless you have failed to contact them for no less than five years.
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Claiming your Auto Insurance Premium Check after State Notification
What happens to uncashed checks? If, after the appointed timeframe elapses, the auto insurance company writes the amount off their books and transfers the check to the Department of Treasury in your corresponding state.
Every state has a website where you can find all types of information for claiming your auto insurance premium check.
Once you log on, make sure you click on the correct link, often labeled unclaimed property. You will be directed to an online claims form or provided with a telephone number.
If you cannot file your claim online, be prepared with the proper documentation before contacting a representative.
They will take your information and send you a form to complete. The form must be filled out, signed, and mailed.
If you are lucky enough to reside in a state that allows you to claim your check online, you will still need certain documents to prove you are the rightful owner of the check. Under most circumstances, this includes your name, previous policy number, Social Security number, new address, and contact telephone number.
After submitting the claim, you will receive a confidential, confirmation e-mail with a Web ID number attached. This is your claim identifier. Keep this number in a safe place.
The average turn-around time to receive your check varies, depending upon how busy the department is and the number of claims that have been received.
All claims are processed in the order in which they were received.
If you have not received any information within four to six weeks of filing your claim, you should log onto the Treasury website and enter your Web ID number. This will provide you with the status of your claim.
You can also place a call and speak directly with a representative, just remember to provide them with your Web ID number for easy access.
Costs or Fees Associated with Unclaimed Auto Insurance Premium Checks
According to the National Association of Unclaimed Property Administrators, or NAUPA, there is never a fee to search for unclaimed property, including a lost insurance check when you go directly to the state Treasury website or contact them by phone to initiate your claim.
However, there are quite a few businesses out there that can charge you to search for your unclaimed check.
Because of the Freedom of Information Act, these companies have the right to obtain specific information, build databases, and offer their services, for a fee.
They are often called locators and once they locate your unclaimed check, perhaps finding an insurance check lost in mail, they can charge you a percentage of the amount found, before they surrender the information. Fortunately, many states place a limit of 10 percent.
Finding Unclaimed Auto Insurance Premium Checks
Every state in America has a dedicated department that works diligently to return all types of unclaimed property, including automobile insurance checks.
If you are not sure if you have money that is due, the first step is to go to a site called Missing Money and complete a search.
Begin your search by entering your first name, middle initial and last name. Add your city and state and click go. You will be directed to an entire list of possible matches.
If you recognize your name and previous address, you can choose to complete the claim form or contact the state where your unclaimed auto insurance check is being held. More than likely, it is the Treasury Department.
They will have both their website and telephone number listed. Follow the steps and within a very short time, you should have your check in the mail.
Some sights even provide you with the option of having the check deposited directly into your checking account. Just make sure the information you provide is accurate to avoid any further delays.
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Prevent Future Losses and Unclaimed Auto Insurance Premium Checks
One of the best lessons you can learn after going through the process of submitting a claim for your insurance check is to make sure you complete the following:
Understand the importance of consistent communication. Since your unclaimed auto insurance premium check was more than likely the result a lack of communication, make sure you ask questions about any refunds due when you cancel your policy. Make sure you fully understand any premium refunds unclaimed property meaning.
This includes how the money will be refunded. If they offer the direct deposit option, take it. Your money will be made available much faster.
Confirm the address they have on file. If your car insurance company wants to send the check by mail, make sure they have your most current address, this is especially important if you are moving soon.
How long does it take for insurance check to come in the mail? It can sometimes take a full 30 days before they process your cancellation and generate the check. If you move during this time, you may not receive the refund.
Keep accurate records of all of your finances, this includes every transaction you make with your car insurance company and your payments.
If you need to contact them because you think you are due a refund and have not received one, you may need to provide proof of all of your payments before they issue a refund. If necessary, open a safe deposit box so all of your paperwork is together in one place.
The Importance of having a Power of Attorney or Beneficiary
It is very important to have a Power of Attorney who can conduct business in your name if you become ill or incapacitated, especially when it pertains to unclaimed auto insurance premiums.
If you do not designate someone to take care of your personal issues, your check can very easily sit in the Treasury for years.
The same is true for your beneficiary. If you pass away and have unclaimed property, like an insurance check claim without establishing a beneficiary, no one can collect this money. Don’t make the process of insurance check cashing something else for your grieving family to have to handle.
The government becomes the sole benefactor of your hard-earned dollars and no one in your family, who may be in financial need, will be able to collect or even inquire.
For these reasons, it is extremely important that you choose someone trustworthy to handle your affairs for you. Even if you are not ill, it is still a good idea to speak with a family member or good friend and consider sharing your personal information with them.
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Frequently Asked Questions
What is an unclaimed auto insurance premium check?
An unclaimed auto insurance premium check refers to a payment issued by an insurance company to a policyholder or beneficiary that remains uncashed or unclaimed within a specific period of time. This can happen if the recipient does not receive or cash the check.
Why does an auto insurance premium check go unclaimed?
There are several reasons why an auto insurance premium check may go unclaimed. It could be due to a change in address, the check being lost or misplaced, the recipient’s unawareness of the payment, or the policyholder’s death without proper notification to the insurance company.
What happens to an unclaimed auto insurance premium check?
The specific course of action for unclaimed auto insurance premium checks varies depending on state laws and insurance company policies. In general, insurance companies are required to follow certain guidelines, which may involve attempting to contact the payee and reissuing the check or transferring the funds to the state’s unclaimed property department.
How long do insurance companies typically wait before taking action on an unclaimed premium check?
You might wonder, how long do you have to cash an insurance check? The time period before insurance companies take action on unclaimed premium checks can vary. That means that the answer to how long are insurance checks good for can vary as well. However, it is usually determined by state regulations and can range from one to five years. Insurance companies may send multiple notifications to the payee during this period.
Can the payee still claim the unclaimed premium check after a certain period of time?
Even if a significant amount of time has passed, the payee can still claim the unclaimed premium check. However, the process may involve additional steps, such as contacting the insurance company or state’s unclaimed property department and providing proof of identity and entitlement to the funds.
How can a policyholder or beneficiary claim an unclaimed auto insurance premium check?
To claim unclaimed money from an auto insurance premium check, the payee should first contact the insurance company that issued the payment. They will provide guidance on the necessary steps to verify identity, confirm entitlement to the funds, and initiate the process of reissuing the check in order for you to access the unclaimed insurance money.
But keep in mind, different companies may have varying processes. For example, the processes for claiming USAA unclaimed funds, Farmers Insurance unclaimed funds, Geico unclaimed property funds, Progressive unclaimed property funds, and State Farm unclaimed property funds may all include different steps. Check your insurance provider to be sure of the correct process.
How long is an insurance check good for?
So, you find yourself thinking, my insurance company sent me a check; can I cash my insurance claim check later? How long do insurance checks last? When you are planning on cashing an insurance check, you probably should not wait too long. Typically companies offer a 90-day period to customers cashing insurance checks.
You don’t want to find yourself stuck with an insurance check that’s expired, so double check the insurance check expiration date.
What happens if I cash a check from an insurance company?
After you’re in an accident, you may eventually receive a check from your insurance company. But then you may have other questions like what to do with insurance claim check or can I cash a check from my insurance company? Usually if you cash an insurance claim check, that is an indication that your insurance company won’t provide you any additional funds. So make sure you are satisfied with your settlement before cashing an auto insurance claim check.
How long does it take for an insurance check to come in the mail?
You want to know how long does an insurance check take to come in the mail? Usually an insurance check can take up to 10 business days, but you can check with your insurance provider to get a more specific timeline.
What happens if you don’t use insurance money for repairs?
There may be an instance when you ask, what happens if I cash an insurance check but don’t use the money to fix my car? There could be legal complications to such actions including your insurance company deciding to drop your policy or even consider you to be in breach of your coverage contract. So, can you cash an insurance check but not use it to repair your car? You probably shouldn’t do that.
Where can I cash an insurance check?
So you want to know, where can I cash my insurance check? Will Walmart cash an insurance check or can I cash an insurance check at my bank? You can cash an insurance check at a variety of places, including your bank and some retails stores like Walmart for a fee. Make sure you check with your insurance provider to see if there are any specific stipulations about where to cash an insurance check.
Who gets the insurance check when a car is totaled?
Usually if your vehicle is totaled, your insurance provider will write you the check. There are some cases when you have to ask, can a lienholder keep an insurance check? In those cases, check with your insurance provider so you can know how to cash an insurance check with lienholder
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Schimri Yoyo
Licensed Agent & Financial Advisor
Schimri Yoyo is a financial advisor with active insurance licenses in seven states and over 20 years of professional experience. During his career, he has held roles at Foresters Financial, Strayer University, Minnesota Life, Securian Financial Services, Delaware Valley Advisors, Bridgemark Wealth Management, and Fidelity. Schimri is an educator eager to assist individuals and families in ach...
Licensed Agent & Financial Advisor
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.