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Besides the coverage elements such as liability or collision that make up your insurance policy, there are many other references and terms you should understand to know exactly what you are paying for and so you don’t get burned in the event of an accident. 

Your car insurance policy is a binding legal contract which is why it so important for you to read and understand.  There are five distinct parts to your auto policy:  declarations, insuring agreement, definitions. conditions, and exclusions.  Read on to understand what each means to you and a claim.

The declaration will include the make, model, and year of your car, the VIN or vehicle identification number, the name of the insured, the date the policy becomes effective and when it expires, the coverage types and the limits attached to each coverage type, as well as the premium’s cost.  

It may also include information such as vehicle usage, whether it is business, pleasure, artisan, etc.  Whether the vehicle is financed and if so which lending institute holds the lien.  The insurance agreement section is the centerpiece of the personal auto policy.  This where exactly what the insurance company promises to provide is outlined, in return for your paid premium.

Each coverage you have purchased will be described in detail.  It will also outline exactly who is covered under each of the provisions. This is a long, complicated, boring section but it is the most important, so you should read and understand what you get in return for the payment of your premiums. 

Ater an accident occurs is too late to discover you had the wrong type of insurance or were inadequately covered.  If you find it so boring it puts you to sleep, grab a nice strong black java and read on!

The definition section is exactly what it says it is.  Here is will you will find all the insurance jargon that they love to toss around.  Here is where you will learn to understand what the jargon actually means.

Exclusions is another very important section that you need to read thoroughly.  This is the section that lets you know what, when, who, and where won’t be covered by your policy.  Some of this is pretty common exclusions. 

For example acts of war are never covered.  However some it could be important in the event of a claim, so do read it.

The conditions section becomes very important if you are involved in an accident, because it lists your duties and responsibilities as the insured party. 

This section normally includes how and when to contact the insurance company, how to obtain a police report, and how to file a claim. This section also carries information on auto insurance policy cancellation.

Now that you understand the jargon are you ready to go shopping for car insurance online? Get a car insurance quote online in less time than it takes to pick up the phone!

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