Introduction
There is a lot that goes into getting car insurance today. Not only do you need to provide the insurance company with the underwriting information that they need and get a quote from this, you also need to review car insurance to make sure that the coverage, limits and deductibles are what you have requested. You will want to also ensure that the terms of the policy supercede the terms that you received with your initial quote. Only when you have taken all of these steps can you rest assured that your car insurance policy was correctly issued.
Step 1
Start to review car insurance by confirming the policy term. Make sure that the policy’s effect and expiration dates are for the correct period of time. You don’t want things to be off by even 1 day. Otherwise you will be paying for coverage that you don’t need yet or you’ll have a gap in coverage, which could actually result in your having to pay a fine.
Step 2
Review car insurance to see who is to be insured under the policy. Make sure that the name of the policyholder is also correct. The spelling of everyone’s name also needs to be correct.
Step 3
Review car insurance policy limits and deductibles. Review car insurance liability and physical damage coverage in order to make sure that it agrees with both the limits and the deductibles that you had requested from the insurance company. For instance, make sure that if you agreed to a $500 deductible for either your comprehensive or collision coverage, then make sure that the policy states this. You don’t want to discover at the time of a loss that either your policy limits and/or deductibles are not correct.
Step 4
Make sure to review car insurance to see who else is named as being insured and who else is listed for loss payee endorsement. If you are currently financing your vehicle through a lending institution, then it is more than likely that your contract will require that you add that financial institution as an additional insured or loss payee on your insurance policy. Regardless of this though, it is important to review car insurance to make sure that the names and addresses of these additional insured / loss payees are correctly listed there.
Step 5
The final thing that you will want to review car insurance is the policy’s premium. This is something that you will want to go over once you have looked at the policy terms, conditions, limits and deductibles. Whenever you review car insurance here you will want to check to make sure that the premium that is listed on the insurance policy’s declaration page is the same premium that the insurance company had quoted to you. If there’s any difference between what’s quoted and what’s issued, you should find out why the difference exists and then get it rectified.
Tips
Whenever you receive a lower auto insurance premium you don’t want to keep it to yourself because it may indicate that there was a rating or coverage error that could come back to haunt you later on. Therefore, you really should notify the insurance agency of the discrepancy so that you can get it straightened out as soon as possible.
Sources and Citations
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