Backdating insurance

State laws often limit (to six months) the time to which policies can be backdated.When i bought my car I did not get insurance as I dont have a license and have not been driving it.If you could do this, nobody would ever buy car insurance until after an accident happened.That would have the effect of turning the car insurance industry’s risk-assessment-based business model on its head.

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Gaps can mean you won’t have enough years of National Insurance contributions to get the full State Pension (sometimes called ‘qualifying years’).Backdating, by definition, is the practice of putting a calendar date on any document that is earlier than the date on which that document was actually written. Backdating Car Insurance Policies Backdating a car insurance policies is illegal and something no reputable insurance company or agent would ever do. Because it implies that you had coverage on your vehicle before you actuallydid. Let’s look at how backdating affects different aspects of car insurance, health insurance and life insurance.For example, if you turn 35 around the time you apply for a new policy, you could end up being charged a slightly higher premium for being 35 instead of 34. With a little planning you can surely avoid mixing your birthday up with your life insurance application. For example, if you turned 34 on January 1st and you apply for insurance on July 4th, you might be considered 35 on your insurance application even though your next birthday isn’t for almost 6 months. In the example above, you might be able to get a cheaper premium if you backdate the start date of the policy to June 4th, because then your “insurance age” will be 34. You’ll have to pay the premium for those weeks or months that are now part of your newly backdated policy.But because of how insurers determine age, there can be up to a window when the insurer considers you 35 even though you’re still 34. When you’re deciding whether it’s worth it to backdate or not, be sure to factor the extra premiums into your calculations.

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