Cars Cars

Understanding My Car Insurance Policy


When it comes to my car insurance, there is no doubt that it’s very important which is why it’s crucial that I understand the whole concept of car insurance. With the many car insurance policies and different insurance quotes on the market, buying an insurance cover for my car can be a very daunting and confusing task. The first thing about car insurance policies is that there are various types of car insurance policies and I have to choose a suitable insurance policy for my car. This is very crucial as the right insurance policy will ensure that I get compensation when I file a claim. It also guarantees me that I should not get a lower compensation than the actual damage on my car or the real value in case its stolen or written off. To ensure this, having adequate and relevant information about my auto insurance policy is a must.

An important concept about my car insurance is on the policy declaration. This declaration is an insurance document containing all the basic details about my auto insurance policy. Policy declaration covers areas such as the specific type of my car the policy covers, how long the insurance policy lasts, insurance payment options as well as the policy number of my auto policy. Insurance exclusions covered by my policy lets me know the factors and situations that may make my insurance company not pay in case the car suffers a loss caused by one of the things I have insured my car against. In short it helps me know when I can confidently claim compensation against damage on my car or in case its stolen.

Another important thing worth noting about my car insurance policy is what the policy actually covers my car against. Depending on the insurance coverage I take for my car, there are associated benefits I enjoy with the policy which is different from other policies. My car insurance policy may cover various aspects such as bodily injuries, damage caused on property, underinsured and uninsured motorists, comprehensive coverage or even just collision car insurance coverage. I can only make claims against these risks stated in the policy and not other risks.

Terms and conditions of my car insurance policy are simply guidelines which my insurer and I have to maintain during the duration of the insurance cover. This part of my car insurance policy contains our agreement with the insurance firm on how I pay the insurance premiums, how much the company will reimburse me as well when I can cancel the policy if need be. All these aspects highlighted above affects my finances in times of claims or when my car suffers an accident. The good thing is that I can always access this information from the Internet to help me make the right choices on my car insurance policy.

By N J, published at 03/05/2012
   Rating: 4/5 (11 votes)
Understanding My Car Insurance Policy. 4 of 5 based on 11 votes.


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