Under many states' policies, the certificate holder must also display a valid COI number. This number indicates to an insurer that the insured has maintained sufficient automobile insurance coverage during the policy year. However, it does not guarantee that the COI has been properly claimed. If the insured fails to claim for several consecutive years, COI will be filed against the person's name. A certificate of insurance, or COI, must contain certain specific information.

 

First, it must provide detailed information about the insured and the property damaged. Next, it must provide an estimate of total bodily injury and third-party property damage that may occur. Third, it must list the insurer for whom the policyholder has provided coverage. Finally, the policyholder must indicate under what particular type of policy he or she may select coverage under the COI.

 

Some states require certificate holders to select specific types of coverage under their COI when applying a new policy. Other states, including Illinois, have a broad provision that allows the general policyholder to select any coverage that he or she desires. However, virtually all states require that policyholders select from a listing of basic personal liability and collision or comprehensive coverage. (COI also refers to traffic-related bodily injury and property damage liability.)