Wow. I just looked over a draft of my auto insurance policies, and it is not easy reading! Can someone tell me which parts I absolutely have to read?
Tanya
Glendale, AZ
Hi, Tanya. Auto insurance policies do take a bit of time to read and absorb. Here’s a heads up on information you have to double check on the draft of your auto insurance policies before you sign off on them.
Auto insurance policies consist mainly of three parts: Declarations, Insuring Agreement and Terms and Conditions.
In the Declarations part, you will have to check the following:
Your name
The amount of premium you pay for
The different coverage types and amounts of coverage of the policy, including the maximum amounts of coverage provided under the policy
For the Insuring Agreement part, browse for details on what you are and are not covered for. Make sure you know all about which situation you can file a claim against and which you can not. From this, you will also be able to assess if you need additional auto insurance coverage.
Finally, in the Terms and Conditions part, make sure you understand your responsibilities as an insured, such as how to file for a claim, the documents you need to submit, the time allotted for filing claims. It should also have info on how you can cancel the policy as well as conditions under which the insurer can terminate your auto insurance policies.
Tanya
Glendale, AZ
Hi, Tanya. Auto insurance policies do take a bit of time to read and absorb. Here’s a heads up on information you have to double check on the draft of your auto insurance policies before you sign off on them.
Auto insurance policies consist mainly of three parts: Declarations, Insuring Agreement and Terms and Conditions.
In the Declarations part, you will have to check the following:
Your name
The amount of premium you pay for
The different coverage types and amounts of coverage of the policy, including the maximum amounts of coverage provided under the policy
For the Insuring Agreement part, browse for details on what you are and are not covered for. Make sure you know all about which situation you can file a claim against and which you can not. From this, you will also be able to assess if you need additional auto insurance coverage.
Finally, in the Terms and Conditions part, make sure you understand your responsibilities as an insured, such as how to file for a claim, the documents you need to submit, the time allotted for filing claims. It should also have info on how you can cancel the policy as well as conditions under which the insurer can terminate your auto insurance policies.
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