All auto insurance policies have some similarities. The main sections of a policy will have the name of the insurance carrier, your policy number, the expiration date, personal information, the lien holder, a vehicle description, two signatures, coverage details, the premium amount, and riders or exclusions.
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It is hard to say if one section is more important than another because it depends what information you need and why you need it. But generally speaking, the coverage and premium amounts, are the most important parts because they explain to you what will be covered when you experience damage to your vehicle.
What do the coverage and premium information on my policy mean?
These parts will tell you exactly what is covered and how much is covered and what your payment amount will be. This is the part of your policy that you want to refer to when you need to file a claim to make sure you get the payout you are entitled to according to your policy limitations.
The coverage and amount will be listed by coverage type and the limit of liability followed by which vehicles have that coverage on them. Followed by that, the amount you pay of each of those coverage types is listed with a total at the bottom of the description. The total will be monthly, quarterly, or yearly.
What other sections of the policy will affect my claims?
The other sections you want to be aware of that could affect how and what you get paid for when filing an auto insurance claim are the rider and exclusion sections. A rider is something that is added to a policy because it is not covered in the policy and the customer wants it as part of the policy. Riders cost additional money. For example, roadside assistance would be a rider.
An exclusion is something that is not covered on your auto insurance policy. For example, an exclusion might be glass damage or a crack in the wind shield. If you don’t see everything in the rider or exclusion sections that you expected, you should contact your insurance company to make any necessary changes as soon as possible.
What can I expect to find under the other sections of my policy?
Some of the sections of a policy are self explanatory and other call for further description. The auto insurance carrier name and policy number are pretty self explanatory. The only thing that could be confusing is that the company’s legal name may be slightly different than the name they market.
The expiration date will give details of when coverage began, including a date and a time, and when it will expire. You will be given ample opportunities by your insurance company to renew your policy before it expires and if you renew, you will be sent a new policy with the updated dates.
Some of your personal information such as your name, address, and telephone number will be on the policy. If the address where you receive your mail and the address where you live are different, both addresses will be on the policy. Because of this, you should not keep your policy in your vehicle. If someone steals your vehicle, they can find your house by looking at the policy.
If this information different if I still owe money on my car?
If you still own money on your vehicle, then you have what is called a lien holder. This is the company or bank that owns your vehicle and would receive money if the vehicle was totaled. This information will be on your policy as well.
The vehicle’s description will also be on the policy. The make, model, year, and color of the vehicle will appear along with the vehicle identification number (VIN). This number is unique to your vehicle and would need to given to the police if your vehicle is stolen.
The signature line includes a signature from the agent who sold you the policy and the head of the company. These are generally computer generated signatures but they still serve to make the policy active.
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