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Understanding Vehicle Insurance Policies

Understanding Vehicle Insurance Policies

Pretty much every one who drives a car in this country is required by law to have some form of auto insurance. There seems to be a common misconception that you have to be an expert on car insurance just to understand the basics of car insurance policy. This is simply not the case. There are many different parts to an auto insurance policy, but there are a few in particular that are equally vital and easy to explain. So, if you are confused about the aspects of vehicle insurance policies in Suffolk County NY, here is a quick crash course.

1. Declarations

This is one of the most important part of any insurance policy, because it’s specified to you. A declaration contains personal facts about the drivers in your household, including the name, address, model, and make of each person’s car. There are also more specific details such as the number and duration of your policy, and your vehicle identification number. It’s important to double and triple check your information when you make a declaration, as inaccurate information may result in your claim being denied.

2. Coverage parts

This is the section that details the different coverage options and limits you’ve just purchased. These include anything from liability, to collision, medical, and comprehensive. Essentially, this is where the company goes over everything they promise in writing to provide you in return for your monthly payments, based on the coverage and limits you selected during the meeting.

3. Liability

In as basic terms as possible, if you are found to be at fault in an accident, liability insurance covers injuries and property damage caused by the accident (and if need be, your legal defense costs). Pretty much every auto insurance policy will have liability, as it is considered one of the lynch-pins, the building block for any good auto insurance policy, and is generally considered common sense to have as part of a policy.

4. Definitions

As the name implies, this section goes over the many terms and outlines the rights held by the insurance company and the policy holder. This is what is referred to as the “fine print”.

5. Conditions

This is where your responsibilities, as well as those of the insurer are listed and detailed. This includes premium payment obligations, procedure for resolving any disagreements, and steps to filing a claim.

If you’re looking for a great vehicle insurance policy in Suffolk County NY, then check out Ginsbergagency.com.

 

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