What is a Declarations Page?
When it comes to auto insurance, many factors go into determining your rate levels. This includes the car you drive, your driving record, and even the current value of vehicles on the market. Having the right insurance is essential, so having a declaration page to show you will be needed in a pinch. But do you know exactly what a declaration page is?
The difficulty of navigating through insurance-specific terms
When applying for auto insurance, you’ll be faced with a bunch of terms you may not be familiar with. It will be necessary to know what some of these specific insurance terms mean, especially when you are involved in an accident and want to see if it is covered by your policy.
For example, an agent may ask you if you want to add comprehensive coverage to your policy. You may not be aware of all that this entails, so you deny it. Later, you end up hitting a deer with your car and the vehicle is damaged. That’s when you discover how beneficial it is to have a complete solution.
Not knowing what’s included in your policy can lead to you paying a lot of money in the future for damages that could have been covered by your insurance. A term that some people are unfamiliar with is a declarations page. What is it, and how does it relate to you?
What is a Declarations Page?
According Access to car insurance, the declarations page is an overview of everything related to your insurance. It will display your personal information, such as your address and the names of people listed as insured under your policy. It will also include the vehicle identification number of your car.
It shows exactly what is covered by your insurance. This would include things like collision, comprehensive insurance, etc. Plus, you’ll see the coverage limits for each and any deductibles you may have.
It’s basically a summary of your insurance policy written in a brief form so you can find what you need at a glance. Each time you change your policy, you will receive a new declarations page showing your coverage with the changes included.
What types of policies can you expect with car insurance?
When setting up your car insurance policy, you will find about six different types.
Liability insurance– Most states require that you have at least liability coverage on your vehicles. This is a basic policy that will cover certain bodily injury and property damage caused by you to a certain extent. The amount will depend on the numbers you and your agent come up with.
Collision– This coverage will take care of any collisions you may be involved in. The agency will pay whatever your limit is after any excess has been subtracted from the overall repair bill.
Complete– This will help pay for damage resulting from accidents that did not involve collisions with other vehicles. This would include hitting a deer, fire damage, vandalism to your car, and falling objects.
Underinsured or uninsured– This covers damage to your vehicle if someone who is uninsured or underinsured hits you. This way you don’t have to shell out money to repair a damaged vehicle, and it wasn’t your fault. Not all states require this, but some do.
personal injury– This is a type of protection where the policy will cover medical expenses, but it also includes things like lost wages (due to the accident) and child care expenses.
Medical– Medical coverage will cover the event that you or someone else driving your vehicle is involved in an accident and requires certain types of medical attention.
Getting to know your car insurance policy will take some time as you learn the different terms and what they mean. Things like your policy’s declarations page are a great way to see what your coverage is at a glance, so you’ll have a basic idea of what’s covered if you get into an accident.
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