If you're wondering whether you need to hold on to your receipts for insurance purposes, the answer is: it depends. Some types of insurance require you to submit receipts as proof of purchase in order to file a claim, while others do not. Here's a rundown of some common types of insurance and whether or not they require receipts:
- Auto Insurance: Usually no. Your auto insurance policy will likely cover you even if you don't have a receipt for the repairs or replacement parts. However, if you're filing an insurance claim for something that was stolen from your car, you'll need to show proof of ownership with a receipt or other documentation.
- Homeowners/Renters Insurance: Yes. If you need to file a claim for damages or theft, your insurer will almost always require you to submit receipts as proof of purchase for the items that were lost or damaged.
- Health Insurance: It depends. If you're filing a claim for reimbursement of medical expenses, most insurers will require some sort of documentation (a bill, statement, etc.) from the provider indicating what was charged. In some cases, they may also require a detailed receipt showing exactly what was paid. However, if you have coverage through a health savings account (HSA) or flexible spending account (FSA), chances are good that all you'll need to provide is an itemized receipt showing what was purchased; the insurer will then reimburse you up to the limit set by your plan.
In general, it's always a good idea to hang on to important documents like receipts in case you ever need them for any reason – not just insurance claims. So when in doubt, save those slips of paper!