Understanding Your Car Insurance Policy
It's critical to know what car insurance coverages you have before you have a claim. Too often, people find out after they file a claim that they weren't covered for something or that their deductible is higher than they thought. Here are some important things to remember.
Periodically, take the time to review your coverages so you know what you have. A good time to do this is when you get your renewal papers. Also, familiarize yourself with the different parts of your car insurance policy, such as the following:
Policy Declarations. This is the personalized information that tells you who is covered by the policy, your agent's contact information, what vehicles are covered, the period of time that the policy is in effect, your policy number, payment options and premium.
Coverages. Lists out the specific insurance for each vehicle on the policy, such as bodily injury and property damage, uninsured and underinsured motorist coverage and collision and comprehensive coverages. It also lists the cost for each coverage, how much your deductibles are, what discounts you are receiving and any additional coverage features such as rental car reimbursement.
Exclusions. Explains situations and factors that would cause the car insurance company to not provide coverages, such as using a personal vehicle for business use.
Endorsements. Endorsements are changes to the policy and may come with the initial purchase or at any time you hold the policy. Endorsements may change wording or coverages in your policy and you should read them carefully.
Conditions. Conditions, or Responsibilities, outline what is required of you and the insurer to maintain the policy, such as how you pay your premium, or cancel the policy.
What to do in a loss. This explains what you should do if you have a loss and need to file a claim.
Understanding what your policy says can also help you decide if you need different coverages or want to shop for comparison car insurance quotes to see if you can get a better rate.
Justin Scott writes frequently about insurance. You can compare car insurance quotes, and get more information about saving on car insurance at LowerYourInsurance.com
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