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Understanding The 5 Parts Of Car Insurance Contract

1/23/2018

3 Comments

 
Picture
Car insurance is a plan that involves a car insurance company, insurance provider, and a policy holder. While it is important that your car insurance policy adheres to the legal guidelines of your state, it does not stop there.
It is essential to understand the information in your policy. You need to review your policy before you sign any document. You do not want surprises and confusions later on, just because you did not check your policy thoroughly.

Here are the 5 basic aspects of a car insurance contract that you should know before you sign and seal the deal.

1. Declaration Page

This part is about your personal information. It includes the following:

  • Your name
  • Address
  • Policy number
  • Vehicle identification number of all cars included on the policy.
  • Makes and models of all vehicles on the policy
  • Names of all drivers in the house

The Declaration page also includes your deductibles, coverage limits, and time period of your policy.

2. Insuring Agent

In this section, it provides information about your insurance plan. It contains the list of every type of coverage you buy a long with their respective limits and deductibles.

3. Exclusions

It contains what your policy does not cover such as events, properties, damages, and people.

4. Conditions

This part indicates the responsibilities of the policy holder (you) and the insurance company. It also includes the details on how to pay the premiums, the process to resolve disputes, and to file a claim.

5. Definitions

It is considered the "fine print" of the auto insurance contract. It explains your rights and provide definitions to the policy terms.

The car insurance contract is legally binding. Make sure you read and understand the terms and your obligations as a policyholder.

Additional Tips

  • Check the Department of Insurance website of your state to gather information about your auto insurance company. The website also includes consumer complaint ratio. Look into it as well.  
  • Know the financial strength rating of the auto insurance company.  
  • Ask car dealerships and car repair shops for their recommendations based on their first-hand experience with the insurers.  
  • When signing contract, never sign anything that has an empty space.  
  • If you have a new car, you need to think carefully if you read on the contract the phrase "aftermarket parts may be used for auto repairs."

Auto insurance is an important agreement between you and your insurer. Make sure that it really provides the coverage and benefits that you need. Robert Nichols Insurance Group has its clients as their first priority with affordable rates and clever policies. To learn more about how we can help you please contact our agency at (561) 406-6153 or Click Here to request a free quote.

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3 Comments
Jade perez link
3/30/2018 12:30:11 am

I agree that one should read terms and conditions associated with the insurance plan properly before filling different the form. Apart from this, we should select the insurance coverage after conducting a lot of research on the internet. We could also ask independent agents before selecting a insurance coverage for the vehicle. Such agents doesn't associated with any organization and hence could provide us adequate information regarding the suitable insurance coverage for the vehicle.

Reply
Jenna Hunter link
2/26/2020 01:53:08 pm

My cousin has been thinking about getting some car insurance because she really wants to make sure that she is really safe while driving. She would really like to make sure to get the insurance from a professional so that she is covered. I'll be sure to tell her about how she can learn more about the company from the department of insurance.

Reply
Rebecca Gardner link
8/27/2020 11:50:25 am

It's good to know that we need to understand the terms of the auto insurance policy since it is a legally binding agreement. I'm planning on buying a car within the next couple of weeks since I want to be able to take my daughter on road trips before winter starts THanks for teaching me how to avoid potential issues as I start the process of choosing auto insurance coverage soon!

Reply



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Robert Nichols Insurance Group
1557 Park Ln S Ste 102
Jupiter, FL 33458
(561) 406-6153
Click Here to Email Us

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