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This page is usually the first part of an insurance policy. It identifies insured persons, risks or assets covered, insurance limits and the insurance period (i.e. the date the policy is in effect). Statements. This part of your policy is unique to you; It contains personal facts for drivers in your home such as the name and address, the manufacturer and model of your vehicle (s), identification number (s), directive number and duration of the directive. It also contains the type of basic coverage you purchased, and your policy and franchise limits. Tip: Make sure your information is correct; Your application may be rejected if you make inaccurate information available to your insurer. The parts of insurance coverage/agreement. This section describes the coverage options and coverage limits you have acquired, such as liability, medicine, collision and full coverage. This section essentially describes what your insurance company promises to offer in exchange for your payment, based on the coverage and coverage limits you have selected. Exclusions. This section simply explains what is not covered by highlighting the limitations of your policy. In combination with the section above, this ensures that you know exactly what is covered if you make a claim.
It also shows you some possible shortcomings that you might want to correct on the line. conditions. It lists the legal responsibilities of the insured and the insurer, including premium payment obligations, claims and dispute resolution procedures. Definitions. This section sets out the terms and conditions and describes the rights of the policyholder and the insurance company. This section is often referred to as “small print.” Now, let`s define some general coverage. You`ll find other definitions in the various auto insurance glossaries listed in our Auto Learning Center. Collision cover. This covers the loss of your own car caused by collision with another vehicle or object. If you cause an accident, collision safety is paid for the repair of your vehicle and is normally the most expensive part of auto insurance.
You must choose a deductible, that is, the amount you, the insured, must pay before the insurance company pays the rest of each insured claim. The higher the deductible, the lower the premium cost. However, note that this is the amount you have to pay (usually at the shop) if your vehicle is damaged, so the decision regarding your deductible, which directly affects your premium, can be a bit of a balancing act. This covers damage to your vehicle caused by an event other than a collision or rollover. Examples include fire, theft, vandalism and falling objects. This also comes with a deductible that you choose, that`s how much you pay before the insurance pays the rest. Responsibility. The official definition of liability in InsWeb`s glossary is: “The part of the insurance contract that, on behalf of an insured, pays and pays for insured damage resulting from the legal or contractual liability of the insured.” Simply put, if you are responsible for an accident, liability insurance will be paid to cover injuries and property damage suffered by others in the accident (including, if applicable, your legal protection costs).
Assault insurance covers things like medical expenses and lack of money to others; while property damage is paid for repairs to other people you damaged in the accident (except your own car). Liability coverage (which is the part of your state-imposed policy) is the cornerstone of any automotive policy, and minimum liability limits vary from state to state. Below are some frequent additional coverage points at your disposal: Medical Payments It is up to you and your passengers for medical and funeral expenses incurred in the event of a car accident, regardless of the fault.