With the different types of automobile insurance available, policies can cover the policyholder, the vehicle itself, and a guest driver, if you so desire. Every policy differs with every company in the way that they are handled. Due to the fact that car insurance is now mandated, there are companies who are commonly associated with other forms of insurance now entering the auto insurance arena.
As you may already know, there is a wide array of policies available to consumers. Many of these differences are determined by the customers’ needs and budget concerns. For instance, here are some things that are covered by the different auto insurance policy options:
* Physical Injury
* Physical Damage to Property
* Medical Provisions
* Collision Coverage
* Comprehensive Physical Damage
While you are on the market to get auto insurance, it is important to familiarize yourself with the basic parts of an auto insurance policy:
* Declarations – The declarations part of the auto insurance policy records all of your personal information, as well as other members of your household that may use the vehicle. This can include emergency contact numbers, policy numbers, VIN numbers, and the make and model of the vehicle. If any of this information is inaccurate or falsified, a claim can easily be invalidated.
* Coverage Limits – This part of the policy addresses what is covered by the auto insurance policy. If liability, medical provisions, collision and comprehensive damage are all covered, they are discussed in detail in this area of the policy. It also details the compensation the insurance company will provide in exchange for your premium, which is based on your elected coverage options.
* Exemptions – This area address what benefits or coverage is excluded from your policy. If you have any question whether or not you are covered something before you make a claim, this is the best section for you to look to for information.
* Legal Agreements – This is the terms and conditions portion of the policy, discussing what is legally bound between the insurance company and the policyholder. This section will also detail payment terms, how to file claims, and how to seek arbitration in the event of a dispute.
* Legal Definitions – Another legal section of the policy, this is the portion where the rights of the insurance company are reaffirmed and confusing insurance company lingo is defined.
Although these are the five integral parts of the policy, different companies may have other sections in their policies for any other miscellaneous provisions which they may offer. Always check with your company for any questions regarding these.
Now, you should be ready to get auto insurance, and the good news is that it is easier than ever. With the technology available to us through the internet, we can easily research companies, get free price quotes, and read consumer reviews much easier than ever before. Before settling on any policy, do your homework and diligent research by utilizing these free online auto insurance websites – the extra effort may just save you hundreds of dollars in the long run.